PAŞA Bank and "CEI Nakhchivan" LLC, a subsidiary of Azerbaijan Green Energy Company (AGEC), have signed a project financing agreement for the 25 MW Shams 1 Solar Power Plant to be developed in the Nakhchivan Autonomous Republic.

The project, located in the Babek district, will strengthen renewable energy generation in Nakhchivan, enhance regional energy security, and support Azerbaijan's transition to a low-carbon economy. It also contributes to increasing the share of renewable energy in the country's energy mix and achieving its long-term sustainability goals.

According to Javid Guliyev, Chairman of the Management Board and CEO of PAŞA Bank, the project reflects the Bank's long-term commitment to green finance and sustainable economic development.

Khayala Nagiyeva, Deputy Chairperson of the Management Board of AGEC and CEO of Clean Energy Invest, highlighted that the Shams 1 project is a strategic step toward transforming Nakhchivan into a regional green energy hub. She emphasized that strong partnerships with financial institutions are essential for accelerating renewable energy investments and supporting Azerbaijan's long-term energy transition.

The successful implementation of such strategic projects relies on strong collaboration between the energy and financial sectors. These partnerships play a vital role in ensuring the sustainable financing of renewable energy projects, promoting green investments, and accelerating Azerbaijan's energy transition.

Through strategic investments in the renewable energy sector and the implementation of large-scale projects, AGEC continues to contribute to accelerating Azerbaijan's green energy transition and shaping a sustainable energy future.