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Iran and Azerbaijan have reached an agreement to continue the construction and operation of the Khudafarin and Giz Galasi hydro junctions and hydroelectric power plants over the Araz River, Trend has reported.

In this regard, the second meeting of the joint technical commission was held at the Giz Galasi dam in the East Azerbaijan Province.

The parties reached an agreement on the implementation of pre-agreed documents on Khudafarin and Giz Galasi hydro junctions and hydroelectric power plants, as well as, the continuation of work and the identification of investments and contractors.

Moreover, the agreement was reached to spend over $22 million to complete the work and determine the contract for power plants in accordance with the database contract. It is projected that contractors will be identified and related work will begin in the next four months.

In 2016, Azerbaijan and Iran agreed to build the Khudafarin and Giz Galasi hydro junctions and hydroelectric power plants on the Araz River. They have a total capacity of over 1.6 billion cubic meters. It will have the capacity to generate 716 million kilowatt-hours of electricity per year.

These hydro junctions and hydroelectric power plants will allow both sides to share the Araz River's water and energy resources.

After liberating its lands from Armenian occupation in the 44-day war in 2020, Azerbaijan regained control of a 132-kilometer stretch of the Azerbaijan-Iran border. The re-establishment of control over the state border opened up new prospects for deeper cooperation between the two countries.

It should be noted that Azerbaijan and Iran's trade turnover in 2021 totaled $440.8 million.

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