The winner of the auction for the construction of the 100 MW Gobustan solar power plant, implemented with the support of the European Bank for Reconstruction and Development (EBRD), has been announced at COP29 in Azerbaijan.

Axar.az reports that Universal International Holdings Limited won the auction by offering the lowest price per kWh of electricity.

The plant is expected to be commissioned in 2027 and will produce about 260 million kWh of electricity annually.

In addition to saving 57 million cubic meters of natural gas per year, this will reduce carbon dioxide emissions into the atmosphere by 124 thousand tons.

Energy Minister Parviz Shahbazov stated:

"The victory of China's 'Universal International Holdings Limited' confirms once again the growing interest and confidence of international investors in our green energy projects. Supported by the EBRD and announced at COP29, this auction demonstrates Azerbaijan's commitment to international cooperation, sustainable development goals, and the realization of its 'green energy' potential. This success, while accelerating our energy transition process, will also further strengthen our contribution to global climate targets."

EBRD Regional Director for the Caucasus Alkis Vryenios Drakinos noted that the successful completion of Azerbaijan's first renewable energy auction is a major achievement for the bank:

"As the EBRD, we are pleased to see the results of our long-standing efforts in financing green energy projects and supporting policies in this direction. We congratulate all the parties involved in the implementation of this project."

It should be noted that the auction was held in accordance with the "Rules for the Selection of Electricity Producers in Renewable Energy Areas," approved by the President of the Republic of Azerbaijan with the decree No. 2285 dated August 2, 2023.