Czech companies continue to show interest in green energy in the liberated territories of Azerbaijan

Baku/09.08.23/Turan: A Protocol of Intent focused on collaboration within the realm of alternative energy was formalized on August 8, binding the Agency for the Development of Small and Medium-sized Businesses (KOBIA) under the Ministry of Economy and the Czech enterprise A-Z Czech Engineering. Orkhan Mammadov, Chairman of the KOBIA Board, confirmed this development, specifying that the protocol was jointly signed by him and Milan Pavlicek, the founder of the Czech company. This pact aims to synchronize stakeholders in the sector while attracting investments to foster advancements.

Czech companies have displayed significant investment interest, particularly in the considerable hydroelectric power potential situated in mountainous regions liberated from Armenian occupation, including Kelbajar and Lachin. These companies eagerly anticipate specific opportunities to engage in reconstruction efforts within Karabakh.

Reports from a Prague-based radio station reveal that the Czech government is planning to inject substantial funds, amounting to hundreds of billions of Czech crowns, into renewable energy sources in the forthcoming years. As per the pan-European strategy, the Czech Republic is striving to generate 22% of its energy requirements from solar, wind, hydro, and biogas facilities by 2030. 

*Note: The exchange rate used in the paraphrase is 1 Czech crown = 0.045 US dollars.