On June 5, Azerbaijani Energy Minister Parviz Shahbazov announced at the Baku Energy Forum that Azerbaijan, Hungary, Georgia, and Romania have created a joint venture to export green energy to the European market.

"We are preparing a project for the Caspian-Black Sea-European corridor that we have met with partner countries through this corridor: 7 ministers of Georgia, Romania, and Hungary in the headquarters of the joint venture in Bucharest," Shahbazov stated. He added that the first feasibility study of the project will be ready by the end of 2024.

Highlighting the project's focus on wind energy, Shahbazov mentioned, "We intend to use the potential of the coastal zone of the Caspian Sea, which is 157 GW." He explained that this would enable the export of 4,400 MW of green electricity, hydrogen, and ammonia to the European market.

The Minister emphasized Azerbaijan's role in regional green energy leadership, noting, "About $1 billion in investment costs will set the foundation of two more solar stations in East Zangazur in the near future, and the results of the first auction in the Gobustan solar power plant, 100 MW, will be announced." He projected that by 2027, renewable energy's share of electricity will rise to 33% due to "Green Power."

Shahbazov outlined the expected benefits of these projects, which include more than $2 billion in investments, the generation of 5.3 billion kWh of electricity, the saving of 1.2 billion cubic meters of gas, and a reduction of up to 2.5 million tons of emissions.