BAKU, Azerbaijan, December 27. Azerbaijan and Türkiye have signed an agreement on the restoration of five small hydropower plants (HPPs) in Kalbajar and Lachin districts, Azerbaijani Economy Minister Mikayil Jabbarov said on "X" (Twitter), Trend reports.
"Azerbaijan aims to derive 30 percent of the generated electricity from renewable sources and reduce greenhouse gas emissions by 2030. The Joint Participation Agreement has been signed among "Azerbaijan Investment Company" OJSC, Türkiye's "Demiroren Yatirim Holding A.S.," and "Arges Enerji Team" LLC for the restoration and operation of five small hydropower plants in Kalbajar and Lachin districts. This project is a significant step toward establishing a "green energy" zone in the liberated territories. Implemented as part of a public-private partnership, the project will not only create new jobs but also accelerate the Great Return, foster sustainable economic development in the liberated territories, and transfer new experiences and capabilities in the renewable energy field," said Jabbarov.
Earlier, within the Azerbaijani-Turkish investment forum, the Azerbaijani Minister of Economy said that Azerbaijan and Türkiye had prepared a project for the restoration of five small HPPs in the liberated territories.
Five small HPPs located on the Hakari and Tartar rivers will be rehabilitated.
The document was signed by CEO of Azerbaijan Investment Company OJSC (AIC) Ulvi Mansurov, Chairman of the Board of Directors of "Demiroren Yatirim Holding A.S." Yıldırım Demiroren, and Head of Arges Enerji Team LLC Mehmet Fehmi Ozata.
Earlier, CEO of Azerbaijan Investment Company (AIK) Ulvi Mansurov told Trend that the cost of the rehabilitation project was estimated at $15 million.
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