Azerbaijan awards first 100 MW solar project to Universal International
Author: PPD Team Date: November 26, 2024
Azerbaijan has concluded its first renewable energy auction, awarding a 100 MW solar project in the Garadagh region to Chinese company Universal International Holdings.
The company secured the contract with a winning bid of $0.0354 per kilowatt hour (kWh).
The auction, opened in April 2024 by Azerbaijan’s Ministry of Energy, was supported by the European Bank for Reconstruction and Development (EBRD). The announcement coincided with the COP29 climate summit in Baku.
Azerbaijan’s Minister of Energy, Parviz Shahbazov, hailed the auction as a milestone, highlighting its role in attracting international investment and advancing the country’s energy transition.
EBRD, which has been instrumental in financing Azerbaijan’s green energy projects, emphasized the success of the auction as a transformative step in Azerbaijan’s decarbonization journey.
Universal International plans to begin project development soon.