Black Sea Energy receives status of Project of Mutual Interest by EC

The European Commission (EC) has officially granted the Black Sea Energy project PMI (Project of Mutual Interest) status, Report informs referring to the EU.

On March 10, 2025, Azerbaijan, Georgia, Hungary, and Romania sent a letter to European Commissioner for Energy and Housing Dan Jorgensen requesting PMI status for the Black Sea Energy project.

PMI projects enjoy accelerated administrative procedures, a special legal framework, cross-border regulatory compatibility, the possibility of EU financing (not guaranteed unlike PCI projects), transparency and prestige – boosting investor confidence.

On December 1, 2025, the European Commission granted a total of 235 cross-border energy projects the status of Projects of Common Interest (PCI) and Projects of Mutual Interest (PMI). The list of selected PCI and PMI projects includes 113 projects in the power generation, offshore installations, and smart grids, which will be crucial for integrating the growing share of renewable energy sources.

As reported, on December 17, 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic partnership agreement for the construction of the 1,195-kilometer Black Sea Energy subsea power cable.

In June 2023, Bulgaria announced its intention to join the project.

In May 2024, the energy operators of Azerbaijan, Romania, Georgia, and Hungary signed a memorandum establishing a joint venture for the Black Sea Energy project. In September, a shareholder agreement was signed between the energy operators of the four countries-Azerenerji JSC, Transelectrica SA, Georgian State Electricity System, and MVM-to establish the Green Energy Corridor joint venture, which will implement the project.

The founding partners of the joint venture are the energy operators Transelectrica (Romania), Georgian State Electrosystem (Georgia), Azerenerji (Azerbaijan), and MVM Energy (Hungary).

In the initial phase, the cable will be designed to export 4 GW of green energy.

Construction of the Black Sea Energy Cable is estimated at €3.5 billion and will take 3-4 years. The European Commission plans to allocate €2.3 billion to the project.