Romania, Hungary, Georgia, and Azerbaijan have launched a joint venture to install a nearly 1,200 km offshore power line under the Black Sea, aimed at exporting renewable energy to the European market.

The next meeting regarding the initiative is scheduled to take place at a UN climate change conference in Azerbaijan later this year.

A feasibility study's results will be presented in Baku in November, further shaping the project's future.

Romania's Energy Minister Sebastian Burduja emphasized the project's strategic importance for energy diversification in Europe amid rising energy prices.

The project gained urgency following Russia's invasion of Ukraine, underscoring the EU's dependence on Russian energy.

Government ministers from the participating countries emphasized the project's role in enhancing energy security and reducing electricity costs for consumers.

This planned cable will connect Azerbaijan's wind power generation from the Caspian Sea to Romania and Hungary, enhancing energy security and reducing electricity prices.

The cable will link the energy networks of the South Caucasus to continental Europe, facilitating the export of renewable energy to the EU, the Balkans, and Moldova.

Azerbaijan's Energy Minister Parviz Shahbazov highlighted that the project will contribute to climate change mitigation efforts by providing renewable energy.

The undersea cable is expected to provide green energy, aligning with global priorities on sustainability.

During a recent meeting, the agreement for the cable's construction was aligned with European legislation, and Bulgaria formally joined the project.

Preliminary investment estimates for the cable exceed EUR 2 billion, with commissioning expected by late 2029.