MoU for Green Energy Corridor Implementation
Representatives of Transelectrica, AzerEnerji, Georgian State Electrosystem and MVM have recently signed a Memorandum of Understanding (MoU) agreeing to undertake the necessary efforts to set up a joint venture company, based in Romania, to implement the Green Energy Corridor project.
The document was initialled on the basis of the implementation of the agreement between the Governments of Azerbaijan, Georgia, Romania and Hungary on the Strategic Partnership in Green Energy Development and Transport – Green Energy Corridor Project.
The joint venture company, whose establishment has been agreed, would ensure the implementation of the Green Energy Corridor project in accordance with the agreement between the four countries.
The MoU signed in Bucharest lays the foundations for the general framework of understanding of the four relevant parties on the initiation of the procedures for the establishment of the joint venture company, subject to the prior statutory agreements of each company. In this regard, Transelectrica, following the establishment of the complete appropriate information regarding the new joint venture company, is to convene the General Meeting of Shareholders to obtain approval for the participation in its share capital.
The ‘Green Energy Corridor’ is an ambitious project agreed by the governments of Azerbaijan, Georgia, Romania, and Hungary, with the support of the European Commission, which will integrate regional energy capacity and provide competitively priced electricity from renewable sources, in line with current EU energy transition objectives.
The Romanian Transmission System Operator, designated by the Romanian Government as the relevant party in this project, is working closely with the other relevant parties in the partner states to achieve the objective of this highly complex project, i.e. the assessment of the potential for clean energy production and exchanges in the Caucasus/Europe area and the design of the related infrastructure, considering technical, economic, and regulatory aspects.