BAKU, Azerbaijan, January 27. The Azerbaijan Investment Company (AIC) is actively investing in the implementation of 'green' projects in the liberated territories, a source in the country's Ministry of Economy told Trend.
According to the source, the company is investing 44.8 million manat ($26.35 million) to support the development and revitalization of four projects being implemented in the liberated territories.
The source pointed out that one of the key projects in AIC's portfolio is the restoration of five small hydropower stations, which is being carried out in collaboration with the Turkish "Demirören Holding".
"This project reflects AIC's commitment to sustainable development, as the hydropower stations provide the region with renewable energy and reduce dependence on traditional energy sources. Besides, AIC’s involvement in the construction of the 240 MW "Shafag" solar power plant in the Jabrayil district is an important step towards the development of energy infrastructure. The project, being implemented jointly with SOCAR Green and bp, will become one of the largest green energy projects in the liberated territories," added the source.
AIC was established in March 2006. All shares of AIC belong to the Government of Azerbaijan, and the company's authorized capital is 224 million manat ($131 million).
The main economic goal of AIC is to make capital investments in Azerbaijan's non-oil sector.