6 Feb 2024 17:34

NEQSOL Holding to invest $118 mln in Azerbaijan's Karabakh, build 100 MW solar power plant

BAKU. Feb 6 (Interfax) - NEQSOL Holding will to invest up to 200 million manat or $117.6 million at the current rate in business projects in Azerbaijan's Karabakh, the holding said in a press release.

"The investments will contribute to the overall efforts on reconstruction and development of the region, including developing green energy sources, reviving economic and social life, as well as, creating jobs and learning opportunities for the local population. The proposed investment plan has already been approved by the shareholder of the Holding," the holding's CEO Yusif Jabbarov was quoted as saying.

The investment plans of NEQSOL Holding and its subsidiary companies include building an information technologies school and solar power plant, reconstruction and development of the telecommunications infrastructure.

Nobel Energy, part of NEQSOL Holding, is planning to build a solar power plant in the Jabrayil district with capacity of 100 MW which will generate 180 million kilowatt-hours of electricity per year and supply on average 58,000 homes with electricity.

Bakcell has already commissioned more than 120 base stations and three service centers and is planning to bring the number of its service centers in the region to 10. Azerconnect will increase investments in the construction and development of telecom infrastructure in the region.

NEQSOL Holding is an international group of companies operating in 11 countries across the telecommunications, energy, hi-tech, and construction industries in the UK, United States, Turkey, Azerbaijan, Kazakhstan and UAE. It has operated in telecoms since the early 2000s.