Baku hails Bulgaria's participation in joint venture for Green Energy

The Council of Ministers of Bulgaria has approved the country's participation in the joint venture to implement the Azerbaijan-Georgia-Europe "green energy" corridor, known as "Black Sea Energy," which will traverse the bottom of the Black Sea.

Azerbaijan's ambassador to Bulgaria, Huseyn Huseynov, shared this information on his account on the "X" social network. "The Council of Ministers has approved Bulgaria's participation in the joint venture for the Green Energy Corridor project, aimed at supplying 'green energy' from Baku to Central Europe," the diplomat wrote.

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

According to him, the Black Sea Energy Corridor initiative is based on a strategic partnership among the governments of Azerbaijan, Georgia, Romania, and Hungary for transmitting "green energy" through an undersea cable in the Black Sea. "This project aims to enhance regional energy security, diversify energy supplies, leverage renewable energy potential in the Caspian Sea region, and increase the share of renewable energy in national energy portfolios."

It's worth noting that on December 17, 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic partnership agreement to establish an energy bridge from the Caucasus region to Europe. As part of this agreement, plans include laying the "Black Sea Energy" undersea electric cable, with a capacity of 1,000 megawatts and stretching 1,195 kilometers. The cable will transmit "green electricity" produced in Azerbaijan to Romania through Georgia and the Black Sea, potentially delivering up to 4 gigawatts of "green energy."

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

"This Corridor is established through a memorandum signed between Romania, Hungary, Azerbaijan, and Georgia. Recognizing the potential future benefits, Bulgaria is eager to seize 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, representing one-fifth of the total.

"This is a notable indicator. Although this accession might not have an immediate decisive impact on the Bulgarian economy, it is still a promising start. If Bulgaria can position itself as a transit country in the future, it stands to gain more, as Central Asia's energy resources will be transported to Europe through this energy corridor," economist said.

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

From the above, it can be mentioned that Bulgaria's participation in the Azerbaijan-Georgia-Europe "green energy" corridor marks a significant step forward for the country's strategic positioning in the region. By securing a 20 percent share, Bulgaria not only underscores its commitment to sustainable energy but also sets 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 highlight the future opportunities this Corridor presents. As Bulgaria continues to invest in its renewable energy infrastructure and leverage its geographical advantages, it stands poised to play a crucial role in enhancing regional energy security and driving economic growth through this innovative initiative.