Romania signs “Green Energy Corridor”, the strategic partnership in green energy development and transport

In the application of the Agreement between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary regarding the Strategic Partnership in the field of Green Energy Development and Transport – “Green Energy Corridor” Project, CNTEE Transelectrica SA and the other relevant parties designated at the level of each state, respectively AzerEnerji JSC, Georgian State Electrosystem and MVM Zrt., signed on Monday, May 27, in Bucharest, a Memorandum of Understanding by which they agree to make the necessary efforts to undertake the steps regarding the establishment of a Joint Venture type company, based in Romania.   The signing ceremony of this Memorandum of Understanding was attended by Mr. Mircea Abrudean – Secretary General of the Government of Romania, Mr. Dan Dragos Dragan – Secretary of State within the Ministry of Energy and Mr. Gabriel Andronache – Vice President of the National Energy Regulatory Authority (ANRE) .     The Joint Venture type company for the establishment of which the start of the establishment steps was approved, would ensure the implementation of the “Green Energy Corridor” Project, in accordance with the agreement between the Governments of the states of Azerbaijan, Georgia, Romania and Hungary.   The memorandum signed in Bucharest between CNTEE Transelectrica SA, AzerEnerji JSC, Georgian State Electrosystem and MVM Zrt., lays the foundations for the general framework of understanding of the four relevant parties regarding the initiation of procedures for the establishment of the Joint Venture type company, provided that statutory agreements are obtained prior incidents to each individual company.   In this sense, Compania Nationala de Transport al Energiei Electrice Transelectrica SA, following the establishment of adequate complete information regarding the new Joint Venture type company, is to convene the General Meeting of Shareholders to obtain approval for participation in its share capital.   The “Green Energy Corridor” is an ambitious project agreed by the governments of Azerbaijan, Georgia, Romania and Hungary, with the support of the European Commission, which will integrate regional energy capacity and provide electricity at competitive prices from renewable sources, in line with the current targets of energy transition at the level of the European Union.   CNTEE Transelectrica SA, designated by the Government of Romania as a relevant party in this project, collaborates closely with the other relevant parties from the partner states in order to achieve the objective of this extremely complex project, namely the evaluation of the production potential and clean energy exchanges in the Caucasus area/ Europe and related infrastructure design, taking into account technical, economic and regulatory aspects.