Azerbaijan's Energy Minister Parviz Shahbazov has announced that the Caspian Sea-Black Sea-Europe Green Energy Corridor officially advanced from the feasibility study stage to the next phase of development and implementation.

Speaking at the 12th Steering Committee meeting in Baku, held under the Strategic Partnership Agreement among Azerbaijan, Georgia, Hungary, and Romania, Shahbazov said the project marks a major milestone in the countries' joint efforts to strengthen Europe's clean energy connectivity, The Caspian Post reports via the Azerbaijani Energy Ministry.

"The successful completion of the feasibility study moves the project from the planning stage to the development and implementation phase," Shahbazov said. He added that, in line with the strategic vision of President Ilham Aliyev, Azerbaijan continues to reinforce its role as a reliable partner in the production, transmission, and export of green energy.

During the meeting, participants reviewed the project's progress and received a presentation from CESI S.p.A. on the final feasibility study. The report covered market modeling, cost-benefit analysis, power system integration, route selection, business model assessment, conceptual design, implementation planning, and procurement strategy.

Representatives of GECO also presented the project's current status and outlined the next steps following completion of the feasibility study. The participants discussed financing options and regional developments in the renewable energy sector.

Following the discussions, the Steering Committee officially declared the feasibility study phase complete and confirmed the project's transition to implementation. GECO was tasked with preparing a detailed roadmap leading up to the final investment decision.

The participating countries also agreed to strengthen the project's regulatory framework by launching dialogue among their national energy regulators.

At the conclusion of the meeting, the parties signed a protocol summarizing the outcomes and a joint letter to European Commissioner for Energy and Housing Dan Jørgensen, reaffirming their commitment to the Green Energy Corridor and seeking its inclusion in the European Union's third list of Projects of Mutual and Common Interest.

The next Steering Committee meeting is scheduled to take place in Romania in November.

The Strategic Partnership Agreement on the development and transmission of green energy among Azerbaijan, Georgia, Romania, and Hungary was signed in Bucharest on December 17, 2022, laying the foundation for one of the region's most ambitious renewable energy initiatives.