In the application of the Agreement between the Governments of Azerbaijan, Georgia, Romania and Hungary regarding the Strategic Partnership in the field of green energy development and transport – the “Green Energy Corridor” project, Transelectrica and its counterparts – AzerEnerji JSC, Georgian State Electrosystem and MVM, signed a Memorandum of Understanding by which they agree to make the necessary efforts to undertake the steps regarding the establishment of a Joint Venture type company, based in Romania.
The Joint Venture type company would ensure the implementation of the Green Energy Corridor project by the agreement between the Governments of Azerbaijan, Georgia, Romania and Hungary.
The memorandum lays the foundations for the general framework of understanding the four relevant parties regarding the initiation of procedures for the establishment of the Joint Venture company, provided that obtaining prior statutory agreements incident to each company.
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 electricity at competitive prices from renewable sources, in line with current energy transition objectives at the level of the European Union.
