Head of joint venture for Black Sea submarine cable project replaced

Yusif Gayibov has been appointed the new CEO and Chairman of the Board of Directors of Green Energy Corridor Power Company (GECO).

According to Report, the nomination of the new head was put forward by Azerbaijan's Ministry of Energy and AzerEnergy OJSC, a shareholder in GECO. He effectively assumed his duties in mid-September, while his official appointment on a de jure basis is expected to take place in early November.

Prior to his new appointment, Gayibov served as head of the Department for Cooperation with International Financial and Credit Institutions at AzerEnergy.

The project is being implemented within the framework of the strategic partnership agreement on the development and transmission of green energy, signed by Azerbaijan, Georgia, Romania and Hungary in Bucharest in 2022. The agreement marked an important step toward establishing a green energy corridor to Europe.

The joint venture for the Caspian Sea–Black Sea–Europe green energy corridor project was established under a memorandum of understanding signed by Georgia, Hungary, Romania and Azerbaijan on July 25, 2023. The Black Sea submarine cable project is a major infrastructure initiative designed to establish a direct connection between Georgia and Romania and integrate the energy systems of the South Caucasus and Southeastern Europe.

The submarine cable will run 1,115 km underwater and 40 km on land, with an operating voltage of 525 kV and a transmission capacity of 1,300 MW. The completion of the submarine power cable installation on the seabed of the Black Sea is scheduled for 2032. The project has been included in the European Union's list of Projects of Mutual Interest (PMI). The European Commission plans to allocate €2.3 billion for its implementation.