The agreement, signed in Bucharest on February 4, 2026, establishes a cooperation framework between the transmission operators to advance the high voltage direct current interconnection project. The document covers coordination of planning activities, technical studies, marine studies, social and environmental assessments, institutional financing and international representation.

"The signing of the Memorandum marks a new step in the project's evolution which has already passed the feasibility study step," said Ștefăniță Munteanu, CEO of Transelectrica. The project is included in the 10 Years Network Development Plan of ENTSO-E for 2022 and 2024, and is being promoted for inclusion in the 2026 edition. In December 2025, the project was added to the European Union's Projects of Mutual Interest list.

The submarine cable project is being developed under the Strategic Partnership Agreement in the green energy field, signed in December 2022 by the governments of Azerbaijan, Georgia, Romania and Hungary. The initiative aims to increase energy security, diversify electrical energy transmission routes and integrate renewable sources in the Black Sea area and European Union.