The joint venture company, for which the initial steps have been approved, will ensure the implementation of the Green Energy Corridor project by the agreement between the governments of Azerbaijan, Georgia, Romania, and Hungary. The Memorandum signed in Bucharest between CNTEE Transelectrica SA, AzerEnerji JSC, the Georgian State Electrosystem, and MVM Zrt. sets the general framework for starting the procedures to establish the joint venture company, pending the necessary statutory agreements from each company.
Once adequate and complete information about the new joint venture company is available, Transelectrica will convene the Shareholders' General Assembly to obtain approval to participate in its share capital.
The Green Energy Corridor is an ambitious project agreed upon by the governments of Azerbaijan, Georgia, Romania, and Hungary, with the support of the European Commission. It aims to integrate regional energy capacity and provide electricity from renewable sources at competitive prices, in line with the European Union's current energy transition objectives. CNTEE Transelectrica SA, designated by the Romanian government as a relevant party in this project, is collaborating closely with other relevant parties from the partner states to achieve the project's objectives. This includes assessing the potential for clean energy production and exchanges in the Caucasus/Europe area and designing the related infrastructure, taking into account technical, economic, and regulatory aspects.
