Azerbaijan completes first renewable energy auction

November 22, 2024

The Azerbaijan Ministry of Energy commenced the auction for the solar project in April 2024. Credit: Suranto W/Shutterstock.

Azerbaijan has concluded its first renewable energy auction, awarding the contract for a 100MW solar power project to Chinese company Universal International.

The announcement was made during the COP29 United Nations climate summit in the country’s capital, Baku, held from 11 to 22 November 2024.

Universal International Holdings emerged as the winner with a bid of $0.0354 per kilowatt hour (kWh) for the 100MW solar plant.

The company now plans to commence development in the Garadagh region.

The Ministry of Energy of Azerbaijan opened the auction in April 2024, with technical support from the European Bank for Reconstruction and Development (EBRD).

Azerbaijan Minister of Energy Parviz Shahbazov stated: “This auction represents a major milestone in Azerbaijan’s renewable energy sector. The selection of Universal International Holdings Limited underscores the increasing interest and confidence of international investors in Azerbaijan’s green energy initiatives.

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“Organised with the support of the EBRD and announced during COP29, this auction highlights Azerbaijan’s dedication to international cooperation, sustainable development goals, and unlocking its green energy potential. This achievement will accelerate our energy transition efforts while enhancing our contribution to global climate objectives.”

EBRD has been supporting decarbonisation efforts in Azerbaijan through technical assistance, financing and policy dialogue.

It co-financed the nation’s first utility-scale solar and wind power plants.

EBRD Caucasus regional head Alkis Vryenios Drakinos stated: “This is a great way to wrap up the EBRD’s work at COP29 in Baku.

“Having surpassed one gigawatt mark in financed green energy and following our consistent policy engagement with the authorities, our assistance with renewables auctions in Azerbaijan has today produced game-changing success.”

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