Azerbaijan signs joint participation agreement with Turkish companies

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.