Nobel Energy and Ministry of Energy sign MoU for Construction of 400MW Solar Power Plant
05 June 2023

Nobel Energy (part of NEQSOL Holding) is pleased to announce the signing of a memorandum of understanding (MoU) with the Ministry of Energy of Azerbaijan for the development of a 400MW solar power plant in Nakhchivan, Azerbaijan and export of the generated electricity to Türkiye, and partly for the local use. This collaboration signifies an important milestone in advancing sustainable energy solutions and fostering environmental stewardship.

The MoU was signed by Mr. Elnur Soltanov, Deputy Minister of Energy Azerbaijan and Vugar Samadli, CEO Nobel Energy in a special ceremony on ‘Green energy potential of Nakhchivan and Eastern Zangazur’ held in Nakhchivan, Azerbaijan, on 3 June.

The development of a solar power plant, to be located in Nakhchivan, follows the government’s systematic efforts in promoting clean energy and reducing carbon emissions by establishing ‘green energy zones’ across the country.

The memorandum reflects a shared commitment to using the potential of renewable energy to drive economic growth and sustainable development. The solar power plant will leverage advanced solar technology to generate clean and reliable electricity. By using the abundant solar resources of the region, the project aims to contribute to Türkiye’s national grid, as well as the local energy supply.

Vugar Samadli said: “This development follows our transformation strategy to be part of the solutions to help all our stakeholders to get affordable and reliable energy, while reducing environmental impacts. It reflects our shared commitment with the government to harnessing the potential of renewable energy to drive economic growth and sustainable development.

We look forward to the next steps in our journey aimed to empower sustainable development, create new opportunities, and make a lasting positive impact. The future holds immense potential, and we are eager to embark on this transformative path. I extend my gratitude to the government for their trust and opportunity to deliver this significant project".

This MoU represents a significant step forward in the journey towards a greener and more sustainable future. Nobel Energy is excited about the opportunities presented by this development which is expected to contribute to the overall energy transition in the country towards building a greener future, and is in a perfect alignment with the company’s transformation strategy to provide solutions for meeting the changing energy needs of our world.