(MENAFN- AzerNews)
Abbas Ganbay Read more
Azerbaijan investment Company OJSC, owned by the Ministry of
Economy and Demirören Investment Holding A.Ş., a Turkish company,
signed a Joint Participation Agreement between the Group of
Companies and Arges energy Team Ltd.
According to Azernews , this was announced by
Minister Mikail Jabbarov in his account on the social network
"X".
According to the Minister, the agreement aims to restore and
operate 5 small hydroelectric power plants in the Kalbajar and
Lachin districts, which are the next project to create a "green
energy" zone in the territories of Azerbaijan liberated from
occupation.
"Azerbaijan aims to get 30 percent of its electricity from
renewable energy sources by 2030 and reduce greenhouse gas
emissions. The project, implemented within the framework of a
public-private partnership, along with the creation of new jobs,
will contribute to the acceleration of the Great Population Return,
sustainable economic development in the territories liberated from
occupation, and the transfer of new experience and skills in the
field of renewable energy," the minister said.
The Ministry of Economy said in a statement that Energy Minister
Parviz Shahbazov and Turkish Ambassador Extraordinary and
Plenipotentiary to Azerbaijan Jahit Bagci attended the signing
ceremony.
The document was signed by AIC Executive Director Ulvi Mansurov,
head of Demirören Investment Holding A. Yildirim Demirören,
Chairman of the Board of the Group of Companies and Mehmet Fehmi
Ozata, head of Arges Energy Team signed the agreement.
According to the agreement, it is planned to rehabilitate and
put into operation 5 hydroelectric power plants located on the
rivers Hakari and Tartar. The implementation of the project will
promote public-private partnerships, create new jobs, improve
renewable energy expertise and skills, achieve the target of
increasing the share of renewable energy in energy production to 30
percent by 2030, and reduce greenhouse gas emissions.
This is HPP's second project to attract private investment into
the liberated territories. The first project was the production of
sawn timber at a limestone deposit located in the village of
Shahbulag, Aghdam district.
The creation of sustainable energy in Azerbaijan and the
transportation of "green energy" to the world markets are the
priorities of the country's energy policy. It is not by chance that
COP29, one of the most important interstate events in the world,
will be held in Azerbaijan in 2024 on the initiative of President
Ilham Aliyev.
In this regard, cooperation with private investors to implement
alternative energy projects in the region, restore hydroelectric
power plants in liberated territories, and create new ones is of
great importance.
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