Black Sea Energy receives 'Project of Mutual Interest' status by EU

The European Commission has officially granted the Black Sea Energy project PMI (Project of Mutual Interest) status.

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 17, 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic partnership agreement, which includes plans for the construction of a submarine energy cable under the Black Sea, spanning 1,195 kilometers.

It could cost 3.5 billion euros to lay the submarine cable for the Black Sea Energy project to supply green energy. The European Commission plans to provide 2.3 billion euros for the project. Laying the cable will take 3-4 years.

The cable would be capable of exporting 4 GW of green energy at the first stage.