Company
A joint venture of four national power companies
Green Energy Corridor Power Company is registered in Bucharest to design, finance, build and operate the corridor on behalf of four states.
The joint venture
GECO was set up by the companies designated by the Governments of Azerbaijan, Georgia, Romania and Hungary. It leads the project from feasibility to the final investment decision and financial close, and is intended to build and operate the corridor.
The company works with the transmission system operators of the four countries and within ENTSO-E planning processes, and engages with international financial institutions, regulators, suppliers and contractors.
Legal basis
- Instrument
- Agreement on Strategic Partnership in the field of Green Energy Development and Transmission
- Signed
- 17.12.2022, Bucharest, with the participation of the European Commission
- Parties
- Azerbaijan · Georgia · Romania · Hungary
- Registered seat
- Bucharest, Romania
Governance structure
GECO is governed on the principle of equal partnership: four shareholders, four countries, one company.
- Ministerial Meeting of the Parties
- Intergovernmental oversight under the Strategic Partnership Agreement of 17 December 2022. It sets the mandate and approves the work programme and budget.
- General Assembly of Shareholders
- AzerEnerji, Georgian State Electrosystem, Transelectrica and MVM, each holding 25%. Key decisions are taken jointly.
- Board of Directors
- 4 members, one nominated by each shareholder. It oversees strategy, the budget and the roadmap to final investment decision.
- Executive management
- Led by the General Manager, Yusif Gayibov, who is responsible for day-to-day management of the company and the project.
Board of Directors
-
Mr. Yusif Gayibov
Chairman of the Board of Directors
General Manager, Green Energy Corridor Power Company
-
Mr. Zviad Gachechiladze
Member of the Board of Directors
Director of International Relations, Market Development and Metering Issues, Georgian State Electrosystem
-
Mr. Florin Stanciu
Member of the Board of Directors
Deputy General Manager, Green Energy Corridor Power Company
Head of Corporate Finance, Transelectrica
-
Mr. Attila Bally
Member of the Board of Directors
Advisor, MVM
Governance principles
TSO coordination
Planning and grid integration are aligned with the transmission system operators and ENTSO-E.
Integrity
Open procurement, public reporting and a confidential channel for reporting concerns. Compliance