BAKU, Azerbaijan, December 5. A feasibility study for the Black Sea Energy Submarine Cable project is expected to be ready by April - May 2024, Rolande Pryce, WB Regional Director for South Caucasus, told Trend.
According to the regional director, the initial step involves a feasibility study initiated by the government of Georgia under an existing WB-funded operation.
"This study, covering the entire project, is expected to be completed by April or May of next year. It will serve as the foundation or basis for the subsequent investments in the project Georgia, in particular, is currently preparing for an operation to conduct analytical feasibility studies for its own investments. This project, funded by the World Bank, is part of a series. We plan to present this specific project to the board by March of next year," she said.
Pryce pointed out that, regarding Georgia, which has been leading in terms of coordination of the project, significant progress has been made.
"In discussions with the government of Azerbaijan, the focus has been on leveraging wind and solar resources to meet the energy demands of the market. Georgia's upfront financing for the initial phase of this work is seen as a global good for all participating countries. As we define structures and institutions, each country will figure out how to afford or contribute to the groundwork laid by Georgia with these investments. The WB has been a strong advocate and partner, providing technical support, and will continue to do so," the regional director explained.
The WB is engaging robustly with the EU, which will be the off-taker, and with other countries in the EU, in regard with this project, as it raises high interest among various countries, she added
"Recent engagements, including the Tbilisi Silk Road Forum, have shown growing interest from other countries to participate. The Black Underwater Sea Cable project is not only focused on energy exports but also digital initiatives, contributing to the resilience of countries in ways that are currently lacking. These are exciting times, with significant advancements in both the Middle Corridor work and the Black Underwater Sea Cable project," Rolande Pryce concluded.