Transelectrica, int'l peers to set up green energy JV

The main goal of the JV will be to implement the Green Energy Corridor project as agreed upon by the governments of the four countries, Transelectrica said in a statement filed with the Bucharest Stock Exchange, BVB, on Monday.

"The Green Energy Corridor is an ambitious project agreed by the Governments of Azerbaijan, Georgia, Romania and Hungary with the support of the European Commission, which will integrate the regional energy capacity and will provide electrical energy from renewable sources at competitive prices, in line with the current energy transition objectives at the level of the European Union," Transelectrica stated.

The project aims is to assess the potential for producing and exchanging clean energy in the Europe-Caucasus area and to design the necessary infrastructure to facilitate such exchanges.

In the first quarter of 2024, Transelectrica booked a net profit of 103 million lei ($22.5 million/20.7 million euro), up by an annual 29%, on a total revenue of 532 million lei, according to a financial report filed with the BVB earlier this month.

Transelectrica's shares closed 2.85% higher at 32.5 lei on May 27 on the Bucharest bourse.

(1 euro=4.9767 lei)