The registration of the joint venture, Green Energy Corridor Power Company (GECO POWER COMPANY), has been successfully completed in Bucharest, Romania, as reported by the Ministry of Economy and Sustainable Development.

This company, established by the transmission system operators of Georgia, Azerbaijan, Romania, and Hungary, will focus on the research and design aspects of the Green Energy Corridor project. This initiative aims to construct a high-voltage submarine transmission cable in the Black Sea.

To support this project, the governments of Azerbaijan, Georgia, Romania, and Hungary signed a Memorandum of Understanding on July 25, 2023, which outlined the guiding principles for the formation of the joint venture.

The Black Sea Submarine Cable Project is the largest infrastructure initiative directly linking the power systems of Georgia and Romania, and more broadly connecting the South Caucasus with Southeastern Europe. The submarine cable will extend over 1,155 kilometers (1,115 kilometers underwater and 40 kilometers on land), operate at a voltage of 525 kV, and have a capacity of 1,300 MW. Additionally, a fiber-optic telecommunications cable will run along the same route, with completion anticipated by 2030. A feasibility study conducted by the Italian consulting firm CESI confirmed the project’s technical and economic viability.

This project aims to enhance national and regional energy security, improve Black Sea connectivity, diversify energy sources, and promote the integration of renewable energy. Furthermore, it seeks to facilitate the generation of competitively priced electricity from renewable sources.

Included in the ENTSO-E 10-Year Network Development Plan (2024–2034), the project was submitted to the European Commission in November 2024 for recognition as a Project of Common Interest, emphasizing its importance as a cross-border energy infrastructure linking the EU with non-EU countries.

The Green Energy Corridor Power Company (GECO POWER COMPANY) is responsible for overseeing the project, with equal ownership shared among JSC Azerenerji (Azerbaijan), JSC Georgian State Electrosystem (Georgia), MVM Energy Private Limited Company (Hungary), and National Power Grid Company Transelectrica S.A. (Romania).

According to the Ministry of Economy and Sustainable Development, all stakeholders hold equal shares and participate equally in the management of the company.