Investment-Memorandum-Signed

Investment Memorandum Signed for the First Local Wind Power Plant in Kalbajar

On November 20th, within the framework of COP29, a Memorandum of Understanding (MoU) was signed between the State Agency on Renewable Energy Sources under the Ministry of Energy (BOEMDA), Clean Energy Invest LLC, and Baltech Green LLC for the development of the Kalbajar Wind Power Plant. This is a unique project to be implemented at an altitude of 3,100 meters.

As part of the project, Clean Energy Invest LLC and Baltech Green LLC will form a joint venture and soon begin measurement campaigns and project preparations. The wind power plant is expected to begin commercial operation in early 2028 with an initial capacity of 200–240 MW. Thanks to the unique conditions created by the high altitude, the project has the potential to eventually reach up to 600 MW in total capacity.

“This is a proud moment for Azerbaijan. Local private investors are showing that they are ready to contribute to the country’s energy transition,” said Cavid Abdullayev, Director of AREA.

Volkan Gerdan, a board member of Baltech Green LLC, highlighted that Baltech Group has a successful track record in developing and managing renewable energy projects in Türkiye. He noted that implementing the Kalbajar wind project in liberated territories reflects the company’s commitment to supporting Azerbaijan’s sustainable development.

Clean Energy Invest LLC, a subsidiary of Azerbaijan Green Energy Company (AGEC), focuses on investment and management in renewable energy. Its CEO, Khayala Nagiyeva, expressed satisfaction with the partnership, stating that the project aligns with the company’s goals of building a green economy and promoting environmental sustainability in the region.

Mir Jamal Pashayev, Chairman of the Supervisory Board of Clean Energy Invest LLC and CEO of AGEC, emphasized that the Kalbajar wind project is a significant step toward Azerbaijan’s decarbonization and sustainable development. Bülent Karani, Chairman of the Supervisory Board of Baltech Green LLC, reaffirmed the joint commitment of both parties to advancing renewable energy and supporting global climate goals.