The Italian company CESI SpA together with law firm Lamnidis Law has received a new three-year mandate to implement the next phase of the project to create the Caspian-Black Sea-Europe energy corridor (Black Sea Energy), which involves transporting green electricity from Azerbaijan through Georgia to European countries, according to a statement from Lamnidis Law.

Lamnidis Law announced a new three-year mandate together with CESI SpA (the consultant for the Black Sea Energy project) for implementing the next phase of the Black Sea Submarine Cable project in a statement on its website. "This next phase concerns the Design, Procurement and Supervision of Seabed Surveys, a foundational stage in the development of cross-border electricity interconnection infrastructure in the Black Sea region," it said.

Surveys will be conducted in two stages: the first in the territorial waters and exclusive economic zones (EEZs) of Georgia and Romania and the second in the EEZs of Bulgaria and Turkey, it said.

"[The project aims] to strengthen energy resilience, diversify supply pathways and enable greater integration of renewable generation," it said.

Previously, citing Azerbaijani Deputy Energy Minister Elnur Soltanov, it was reported that the first segment of the project will be completed in 2032, the second in 2036 and the third in 2040.

The preparation of the feasibility study for the project, which is being handled by CESI, is expected to be completed in Q1 2026.

In December 2022, Azerbaijan, Georgia, Romania and Hungary signed a strategic partnership agreement on constructing the Black Sea Energy underwater electric cable. In 2023, Bulgaria's intention to join the project was announced. In the same year, the Bulgarian government approved the participation of the company Bulgarian Energy Holding EAD in the joint venture for the project implementation.

In May 2024, the energy operators of Azerbaijan, Romania, Georgia and Hungary - OJSC Azerenerji, Transelectrica SA, Georgian State Electrosystem and MVM - signed a memorandum on creating a joint venture, and in September, a shareholders' agreement was concluded to establish the joint venture Green Energy Corridor Power Company. The joint venture was established in Bucharest in 2025.

The construction is estimated at 3.5 billion euros and will take three to four years. The European Commission plans to allocate 2.3 billion euros for the project.