Romania’s power transport and grid operator Transelectrica (BVB: TEL) announced that it has registered with the Trade Register the Joint Venture GECO Power Company – Green Energy Corridor Power Company, a limited liability company based in Romania, which will implement the Green Corridor project supposed to bring green energy from Azerbaijan.
The project, estimated to cost EUR 3.5 billion and involve a subsea cable, has received a significant amount of criticism from experts but was also strongly backed by the Romanian minister of energy, Sebastian Burduja, who advocated it as “a matter of national security and a bold response to the energy trilemma, to the need to diversify energy resources in the region of the eastern flank.”
According to a press release published on the Bucharest Stock Exchange, the founding partners of the project company are Transelectrica, JSC Georgian State Electrosystem, AzerEnerji, and MVM Energy.
In September 2024, in Bucharest, Transelectrica, Georgian State Electrosystem, AzerEnerji, and MVM Electrical Works signed the articles of incorporation of the project company Green Energy Corridor Power Company (GECO), based in Romania. The company will actually build the high-voltage direct current submarine cable.
“The project plays an essential role in strengthening national and regional energy security, increasing connectivity in the Black Sea basin, diversifying supply routes, capitalizing on the potential of renewable energy and increasing its share in the national energy mix, as well as reducing electricity prices for household consumers and Romanian companies,” according to a joint statement of the four companies involved.
The Green Corridor project is supported by the European Commission, and the president of the Brussels forum, Ursula von der Leyen, personally participated in the signing of the agreement between the parties that took place at the Cotroceni Palace on December 17, 2022. At the same time, the Commission participated in all ministerial meetings and technical meetings.
The countries participating in this project are Azerbaijan, Georgia, Romania, Hungary, and Bulgaria. The Green Corridor project envisages the construction of a direct current cable that will connect the first four states.
