Azerbaijani authorities recapitalize Azerenerji by $412 mln

BAKU. April 24 (Interfax) - OJSC Azerenerji, the state monopoly for electricity production and sales in Azerbaijan, has attracted 700 million manat ($411.8 million at the current exchange rate) from the government into its charter capital.

As a result, the company's charter capital has increased nearly 40%, reaching 2.46 billion manat ($1.447 billion). The updated charter of Azerenerji was approved by the government in a decree published on Thursday.

The new charter capital is divided into 123 million shares with a nominal value of 20 manat each.

Azerenerji is currently involved in a number of major projects. These include the expansion of the Azerbaijan Thermal Power Plant's capacity by 1,280 MW, the creation of the Azerbaijan - Black Sea - Europe and Nakhchivan - Turkey - Europe energy corridors, the construction of renewable energy facilities and the Jabrayil energy hub for supplying electricity to Turkey.

The official exchange rate on April 24 is 1.7 manat/$1.