The winner of the first renewable energy auction within the framework of COP29 has been announced

Within the framework of COP29, the winner of the auction for the construction of the Gobustan Solar Power Plant with a capacity of 100 MW was announced with the support of the European Bank for Reconstruction and Development (EBRD).

Universal International Holdings Limited company, the lowest bidder for each kilowatt-hour of electricity, won the auction. The plant, which is due to be commissioned in 2027, is projected to generate about 260 million kWh of electricity annually. And this will save 57 million cubic meters of natural gas annually, as well as reduce carbon emissions into the atmosphere by 124 thousand tons.

Energy Minister Parviz Shahbazov said: The successful completion of the auction on the Gobustan Solar Power Plant with a capacity of 100 MW is another important achievement of Azerbaijan in the renewable energy sector. The victory of the Chinese “Universal International Holdings Limited” company once again confirms the growing interest and confidence of international investors in the green energy projects of our country. This auction, implemented with the support of the EBRD and the results of which were announced within the framework of COP29, demonstrates Azerbaijan's commitment to international cooperation, Sustainable Development Goals and the realization of the potential of “green energy”. This success, in addition to accelerating our energy transition process, will further strengthen our contribution to global climate goals.“

Alkis Vryenios Drakinos, Regional Head of Caucasus for the European Bank for Reconstruction and Development said: “The successful completion of Azerbaijan's first renewable energy auction is a great achievement for us. As EBRD, we are pleased to see the results of our many years of work on financing green energy projects and supporting policies in this direction. We congratulate all parties involved in the implementation of this project.”

It should be noted that the auction was organized in compliance with the Presidential Decree of the Republic of Azerbaijan No. 2285 dated 2 August 2023 on the approval of the procedure for choosing a producer of electricity in the territory of renewable energy sources.