Europe seeks energy independence as Azerbaijan advances Black Sea green power corridor

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Currently, Azerbaijan exports natural gas to 16 countries, 10 of which are European Union member states. At the same time, renewable energy initiatives are advancing. One of the most significant among them is the Black Sea Submarine Cable Project. The institutional framework for this initiative has gradually taken shape. In May 2024, the energy operators of Azerbaijan, Romania, Georgia, and Hungary signed a memorandum of understanding to establish a joint venture for the Black Sea Energy Project. This was followed in September by a shareholder agreement between Azerenerji JSC, Transelectrica SA, Georgian State Electrosystem, and MVM Energy to formally establish the Green Energy Corridor joint venture, which will be responsible for implementing the project. These developments indicate a structured, multilateral approach to the corridor’s realization.

From a benefits perspective, the project could contribute to supply diversification and renewable integration within Europe. For Azerbaijan and Georgia, it may create expanded access to European electricity markets and support the development of renewable energy sectors. Georgia could potentially strengthen its role as a transit country, while Azerbaijan is seeking to complement its hydrocarbon exports with renewable energy exports.

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