Georgian First Vice PM emphasises significance of Black Sea submarine cable project for Europe’s long-term sustainable energy development

Following the plenary session of the Green Energy Corridor Ministerial in Budapest, Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, emphasised the significance of the Black Sea submarine cable project for Europe’s long-term sustainable energy development.

In his remarks, Davitashvili highlighted that the ministers of Georgia, Hungary, Azerbaijan, Romania, and Bulgaria had agreed that Bulgaria would join the Black Sea submarine cable project.

“Our team is facing important tasks, one of which is completing the technical and economic feasibility study. We are collaborating with an Italian consultancy company, and thanks to their efforts, we are making rapid progress. I hope that by the end of the second quarter of this year, the full feasibility study will be available, allowing us to move to the practical implementation phase, which is very important”, the Minister said.

Davitashvili emphasised that each participating country had a comprehensive energy development agenda, and Georgia was an integral part of it.

“We are implementing significant support schemes in the energy sector, particularly in renewable energy - wind, solar, and hydropower. We have held two competitive auctions for private developers under the Contract for Difference (CFD) mechanism, later expanding this approach to direct negotiations with investors capable of funding real energy projects. Currently, Georgia has around 10,000 MW of potential renewable energy projects, a substantial capacity that can be used both for domestic consumption and for integration into our flagship project”, he noted.

The Minister further highlighted that partner countries shared the same agenda, facilitating a smooth energy transition and sustainable development, ensuring the fulfillment of public and business expectations while contributing to long-term stable energy prices, enhancing the economic competitiveness of project participants.

“This is the ultimate goal of the project. That is why we maintain daily coordination and hold high-level management committee meetings to ensure its implementation in the most efficient way. Of course, fiber-optic connectivity is also highly important and will serve as another vital element of communication between our countries”, Davitashvili continued.

He further expressed gratitude to the Hungarian Government for hosting the meeting and thanked all partner countries, stakeholders, and the media for their active support in advancing green energy solutions and strengthening cooperation.

The plenary session of the Green Energy Corridor Ministerial was held in Budapest with the participation of high-ranking representatives from the Governments of Georgia, Hungary, Romania, Bulgaria, and Azerbaijan. The event focused on key strategic directions for the development and transmission of green energy.

Speakers at the ministerial included Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, Hungarian Foreign Minister Péter Szijjártó, Parviz Shahbazov, the Minister of Energy of Azerbaijan, Ioan Burduja, the Minister of Energy of Romania, and Zhivko Stankov, the Minister of Energy of Bulgaria.

Georgia was also represented by the Director General of the Georgian State Electrosystem, Giorgi Gigineishvili, and Georgia’s Ambassador to Hungary, Tamar Liluashvili.