Azerbaijan has picked Universal International Holdings Limited as the winner of its 1st renewable energy auction
The Chinese company offered $0.0354/kWh as the winning bid to land the contract
The project will be located in the Garadagh region and start commercial operations in 2027
A Chinese company, Universal International Holdings Limited, has won the rights to develop the 100 MW Gobustan Solar Power Station in Azerbaijan’s maiden renewable energy auction. The country’s Ministry of Energy announced the winner within the framework of the ongoing COP29.
Universal made the lowest of $0.0354/kWh to win the auction that was conducted with the support of the European Bank for Reconstruction and Development (EBRD) (see Azerbaijan Launches Maiden Renewable Energy Auction).
The Chinese company is looking to bring the project online in 2027 in the Garadagh region of Azerbaijan. It is expected to generate close to 260 million kWh of clean energy annually, in addition to saving 57 million cubic meters of natural gas/year, according to the Energy Ministry. Garadagh also hosts the country’s largest foreign-invested solar power plant with 230 MW capacity (see Masdar Signs Up For 1 GW RE Projects In Azerbaijan).
“The victory of the Chinese company "Universal International Holdings Limited" once again confirms the growing interest and confidence of international investors in the green energy projects of our country,” said Azerbaijan’s Energy Minister Parviz Shahbazov.
Recently, Masdar and SOCAR Green achieved financial close for 760 MW of solar PV capacity in the country under financing agreements with the EBRD, ADB and AIIB at COP29 (see Financial Close Achieved For 760 MW Azerbaijan Solar Projects).
Azerbaijan produced 23,847.3 million kWh of electricity during 10M 2024, out of which green energy sources increased their production by 1,495 million kWh to generate 3,315.3 million kWh. By 2030, it targets to increase the share of renewables in its total power mix to at least 30%.
Within the framework of COP29, Azerbaijan has also signed a memorandum of understanding with 2 more Chinese companies, China Southern Power Grid International and PowerChina Huadong Engineering Corporation Limited to invest in the energy storage space.
