Azerbaijan has completed its first renewable energy auction, awarding the contract for a 100 MW solar project to Chinese company Universal International.
The announcement was made during the United Nations COP29 climate summit in the capital Baku, held from November 11 to 22, 2024.
Universal International Holdings emerged as the winner with a bid of $0.0354 per kilowatt hour (kWh) for the 100 MW solar plant.
The company now plans to begin development in the Garadagh region.
Azerbaijan’s Ministry of Energy opened the auction in April 2024, with technical support from the European Bank for Reconstruction and Development (EBRD).
Azerbaijani Energy Minister Parviz Shahbazov stated: “This auction represents an important milestone in Azerbaijan’s renewable energy sector. The selection of Universal International Holdings Limited underlines international investors’ increasing interest and confidence in Azerbaijan’s green energy initiatives.
“This auction, organized with the support of the EBRD and announced at COP29, highlights Azerbaijan’s commitment to international cooperation, sustainable development goals and unlocking its green energy potential. This achievement will accelerate our energy transition efforts while increasing our contribution to global climate goals.”
The EBRD supports Azerbaijan’s decarbonization efforts through technical assistance, financing and policy dialogue.
It co-financed the country’s first utility-scale solar and wind power plants.
EBRD Caucasus Regional Head Alkis Vryenios Drakinos said: “This is a great way to conclude the EBRD’s work at COP29 in Baku.
“After passing the milestone of one gigawatt of financed green energy and following our consistent policy engagement with authorities, today our assistance in Azerbaijan’s renewable energy auctions has achieved groundbreaking success.”
“Azerbaijan completes first renewable energy auction for 100 MW solar power plant” was originally created and published by Power Technology, a brand owned by GlobalData.
The information on this site has been included in good faith for general information purposes only. It is not intended to amount to advice on which reliance should be placed and we make no representation, warranty or guarantee, express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking or refraining from any action on the basis of the content on our site.
