A Joint Participation Agreement was signed between “Azerbaijan Investment Company” OJSC, Türkiye's “Demirören Yatırım Holding A.Ş.” Group of Companies and “Arges Enerji Team” LLC with participation of the Minister of Economy of Azerbaijan Mikayil Jabbarov, Minister of Energy Parviz Shahbazov and Ambassador Extraordinary and Plenipotentiary of the Republic of Türkiye Cahit Bağcı, APA-Economics reports.
The document was signed by Executive Director of Azerbaijan Investment Company Ulvi Mansurov, Chairman of the Board “Demirören Yatırım Holding A.Ş.” Group of Companies Yıldırım Demirören and Chairman of the “Arges Enerji Team” LLC.
According to the Agreement, 5 small hydropower plants located on the Hakari and Tartar rivers in Kalbajar and Lachin districts are planned to be restored and commissioned.
The implementation of the project will contribute to the public-private sector partnership, the creation of new workplaces, the improvement of experience and skills in the field of renewable energy, the goal of increasing the share of renewable energy sources in energy production to 30% by 2030, and the reduction of greenhouse gas emissions.
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