Energy Minister Yerlan Akkenzhenov said that the project will unite the energy systems of Kazakhstan, Uzbekistan and Azerbaijan into a single strategic corridor, Kazinform reports.
“The project involves laying a high-voltage DC cable along the bottom of the Caspian Sea. From Azerbaijan the energy will go further – through a similar Black Sea project to European countries. This will allow us to directly enter the EU market,” the Minister explained.
Alliance of three countries
To implement the plans, system operators of the three countries have created a joint venture – “Green Corridor Alliance”. Experts are already holding regular meetings to determine the final financial model and technical parameters for laying the cable.
The goal of the agreement is to export not only “green” electricity, but also environmentally friendly hydrogen and ammonia.
Financing and development
The project is already in an active phase. The leading Italian company CESI has been engaged to develop a feasibility study. The feasibility study requires approximately €1 million.
Major international players have shown interest in the “green corridor”: The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have allocated grants. The banks have already confirmed their willingness to provide $2 million in grants, which fully covers the needs of the first phase.
