Azerbaijan, Türkiye ink accord on restoration of 5 small HPPs in liberated lands PHOTO

Under the "I State Programme on the Great Return to the Territories of the Republic of Azerbaijan Liberated from Occupation", works continue on the creation of a green energy zone through the effective use of hydropower potential in the territories of the country liberated from occupation.

Ministry of Economy told Caliber.Az that in order to fulfil the set tasks, a signing ceremony of the Joint Participation Agreement between Azerbaijan Investment Company OJSC (AIC), Turkish company Demirören Yatırım Holding A.Ş. and Arges Enerji Team LLC was held with the participation of Economy Minister Mikail Jabbarov, Energy Minister Perviz Shahbazov and Turkish Ambassador Extraordinary and Plenipotentiary to Azerbaijan Jahit Bagci.

The document was signed by Executive Director of Azerbaijan Investment Company OJSC Ulvi Mansurov, Chairman of the Board of Directors of "Demirören Yatırım Holding A.Ş." Yıldırım Demiroren and Head of Arges Enerji Team LLC Mehmet Fehmi Ozata.

The agreement provides for the rehabilitation and commissioning of 5 small hydroelectric power plants on the Hakari and Terter rivers.

The project, implemented following the principle of public-private partnership, will contribute to the creation of new jobs, acquisition of new knowledge and skills in the field of renewable energy, reduction of greenhouse gas emissions, as well as bringing the share of renewable energy sources in electricity production to 30 per cent by 2030.

The project on the restoration and organisation of operation of small HPPs located in Kalbajar and Lachin districts is the second project of Azerbaijan Investment Company OJSC related to the attraction of private investments to the territories liberated from occupation. The first was a project on the production of building stone at the limestone deposit in Shahbulag village of Aghdam district.

It should be noted that the creation of sustainable energy and transportation of green energy to the world markets is one of the priorities of Azerbaijan's energy policy. It is no coincidence that on the initiative of President Ilham Aliyev, Azerbaijan will play the host to one of the world's most significant international events COP29 in 2024. In this regard, the implementation of projects in the field of alternative energy, and cooperation with private investors to restore existing and create new hydroelectric power plants in the territories liberated from occupation are of particular importance.