The project to create the Black Sea green energy corridor (Black Sea Energy) has moved to the development phase.
According to information from Green Energy Corridor Power Company (GECO Power), the relevant decision was made following the sixth meeting of the company's Board of Directors, held on July 30-31 in Constanta, Romania.
The company noted that the meeting took place after the completion of feasibility studies, which were officially approved by the governments of the participating countries during the 12th ministerial meeting in Baku.
According to GECO Power, the Board of Directors identified priority areas of work for the coming months. In particular, a decision was made to launch a second workstream (Workstream 2), which involves the development of a conceptual project, engineering work, and preparation of a procurement strategy.
"Shareholders presented alternative scenarios for the implementation of the development phase. The company will also continue interaction with international project developers, technology suppliers, and financial institutions to support the next stage of the project.
Among other issues considered at the meeting were the preparation of a procurement program for seabed surveys as part of laying the project's first cable, the implementation of the PMI/PCI program, the execution of the company's budget, and strengthening cooperation with national regulatory bodies of the participating countries," the company's information said.
As noted in GECO Power, the Board of Directors also confirmed the company's budget execution and effective management of financial resources.
Recall that the "Agreement on Strategic Partnership in the Development and Transmission of Green Energy between the Governments of Azerbaijan, Georgia, Romania, and Hungary" was signed on December 17, 2022, in Bucharest.