Baku praises Bulgaria’s participation in green energy joint venture

(MENAFN-AzerNews)

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The Council of Ministers of Bulgaria has approved the country’s participation in a joint venture aimed at implementing the Azerbaijan-Georgia-Europe “green energy” corridor, known as “Black Sea Energy”, which will run through the bottom of the Black Sea.

Azerbaijani ambassador to Bulgaria Huseyn Huseynov shared this information on his account on the social networking site “X”. “The Council of Ministers has approved Bulgaria’s participation in a joint venture on the Green Energy Corridor project, the aim of which is to supply “green energy” from Baku to Central Europe,” the diplomat wrote.

He emphasized that with a 20% share, Bulgaria can play a significant role in the project due to its advanced electricity transmission system, connections with neighboring countries, developed energy market, investment opportunities in renewable sources and growing demand for “green energy”.

According to him, the Black Sea Energy Corridor initiative is based on a strategic partnership between the governments of Azerbaijan, Georgia, Romania and Hungary to transmit “green energy” via an undersea cable in the Black Sea. “This project aims to enhance regional energy security, diversify energy supplies, exploit the renewable energy potential in the Caspian region and increase the share of renewable energy in national energy portfolios.”

It is worth adding that on December 17, 2022, Azerbaijan, Georgia, Romania and Hungary signed a strategic partnership agreement aimed at creating an energy bridge from the Caucasus region to Europe. Under this contract, it is planned to lay the “Black Sea Energy” submarine electric cable with a capacity of 1,000 MW and a length of 1,195 km. The cable will transmit “green electricity” produced in Azerbaijan to Romania via Georgia and the Black Sea, potentially providing up to 4 gigawatts of green energy.

Speaking to Azernews Economist-expert Eldeniz Amirov noted that Bulgaria will be the fifth country to join the Corridor.

“This corridor was created pursuant to a memorandum signed between Romania, Hungary, Azerbaijan and Georgia. Recognizing the potential future benefits, Bulgaria wants to take advantage of this opportunity as it lies right on the border of this corridor.”

According to him, Bulgaria’s 20 percent share in the project is significant and constitutes one-fifth of the total.

“This is a noteworthy indicator. While this accession may not have an immediate, decisive impact on the Bulgarian economy, it is still a promising start. If Bulgaria manages to position itself as a transit country in the future, it can gain more, as Central Asian energy resources will be transported to Europe via this energy corridor,” the economist said.

“This Corridor strengthens relationships between participating countries, and these strengthened relationships can create opportunities in other economic sectors. However, I believe that it has not yet generated additional opportunities from this perspective,” concluded E. Amirov.

From the above, it can be mentioned that Bulgaria’s participation in the Azerbaijan-Georgia-Europe green energy corridor represents a significant step forward for the country’s strategic position in the region. By securing a 20 percent share, Bulgaria is not only underlining its commitment to sustainable energy, but is also setting the stage for potential long-term economic benefits. While the immediate impact may be limited, the strengthened relations with neighboring countries and the strategic importance of becoming a transit hub for Central Asia’s energy resources underscore the future opportunities that this corridor presents. As Bulgaria continues to invest in its renewable energy infrastructure and leverage its geographic advantages, it can play a key role in increasing regional energy security and driving economic growth through this innovative initiative.

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