The Asian Development Bank (ADB) has inked a memorandum of understanding (MoU) with the Asian Infrastructure Investment Bank (AIIB), and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan. This MoU has been inked to support the feasibility study of the Caspian Green Energy Corridor Project.
Furthermore, the MOU underlines a framework for cooperation, focusing on the development of an institutional and legal framework to support cross-border electricity trade among Azerbaijan, Kazakhstan, and Uzbekistan. The project aims to strengthen regional energy partnership cooperation and foster the trade of green energy among the majority of the Central Asia Regional Economic Cooperation Program (CAREC) member nations.
Additionally, the project will involve the interconnection of energy systems and the establishment of a green corridor for renewable energy transmission and trade. It aims for a comprehensive transmission of green energy from the Caspian region to Europe via the Black Sea Cable.
