Nobel Energy and its sustainableenergy subsidiary, Enerso, participated in a high-level meeting at the Ministryof Energy focused on advancing renewable energy development in the NakhchivanAutonomous Republic. The meeting brought together Minister of Energy ParvizShahbazov, representatives of “Azərenerji” OJSC, the Minister of Economy of theNakhchivan Autonomous Republic Kazim Huseynaliyev, the State Agency forRenewable Energy Sources, Azerbaijan Green Energy Company (AGEC), and CEINakhchivan LLC.

During the meeting, discussionswere held on the development of Nakhchivan in line with the strategic vision ofthe President of the Republic of Azerbaijan, Mr. Ilham Aliyev, regarding the“Green Energy Zone.” Participants reviewed measures aimed at expanding the useof renewable energy sources in the Autonomous Republic, establishing moderngrid infrastructure, and strengthening the energy system. Work carried outwithin the energy component of the Zangezur corridor, including the integrationof energy systems and the prospects for electricity exports from Nakhchivan,was also discussed. Cooperation with “CEI Nakhchivan” LLC and “Enerso” LLC onthe construction of 50 MW solar power plants in Nakhchivan was assessed as animportant milestone within the country’s green energy agenda.

Minister of Energy ParvizShahbazov stated: “The broad application of renewable energy sources is one ofthe priority directions in the strategic course of the Head of State, aimed atstrengthening the energy security of the Nakhchivan Autonomous Republic,accelerating its sustainable socio-economic development, and transforming itinto a regional center for energy production and export. Currently, renewableenergy sources account for 44 percent of installed electricity generationcapacity and 36.4 percent of electricity production in Nakhchivan. The ‘Shams1’ and ‘Western Horizon’ (Qərbi Üfüq) solar power plants, representing thefirst examples of private investment in the renewable energy sector inNakhchivan, with a total investment value exceeding AZN 60 million, will make asignificant contribution to establishing a green development model in theregion.”

Eldar Mamedzadeh, ChiefCommercial Officer of Nobel Energy, stated: “We are proud to align with the‘Green Energy Zone’ initiative in Nakhchivan, reinforcing our commitment torenewable energy integration through the development of solar power plants.Nobel Energy remains dedicated to driving this transition, delivering essentialinfrastructure that will foster long-term sustainable economic growth acrossthe region.”

Following the meeting, anInvestment Agreement, Power Purchase Agreement, and Grid Connection Agreementwere signed between the Government of the Republic of Azerbaijan, “Azərenerji”OJSC, and Enerso LLC for the 25 MW “Western Horizon” (Qərbi Üfüq) Solar PowerPlant project. The Investment Agreement was signed on behalf of the Governmentof Azerbaijan by Minister of Energy Parviz Shahbazov, while the Power Purchaseand Grid Connection Agreements were signed by Baba Rzayev, President of “Azərenerji”OJSC.

Upon implementation, the projectsare expected to generate approximately 122 million kWh of electricity annually,enabling savings of 26 million cubic meters of natural gas and reducing carbonemissions by 57,000 tons per year.