BAKU, Azerbaijan — President Ilham Aliyev of Azerbaijan has officially endorsed an investment agreement aimed at bolstering the country’s energy infrastructure. The agreement involves a partnership between the Azerbaijani government, ACWA Power Azerbaijan Renewable Energy Limited Liability Company, and ABB OJSC.

According to Trend News Agency, the decree signed by President Aliyev approves the ‘Direct Agreement on Investment Contract’ which seeks to enhance cooperation and foster development in the energy sector of Azerbaijan. This partnership is expected to bring advanced technology and substantial foreign investment into the country, aligning with Azerbaijan’s goals of diversifying its energy sources and boosting economic growth through sustainable initiatives.

The agreement signifies a crucial step towards modernizing Azerbaijan’s energy capabilities, involving significant players in the global power and automation technology sectors. This move is anticipated to have a broad impact on the nation’s energy landscape, contributing to increased efficiency and a stronger, more resilient power infrastructure.