Azerbaijan has successfully concluded its inaugural renewable energy auction, awarding a 100MW solar project in the Garadagh region to Universal International Holding. The auction, held during COP29 in Baku, marks a significant step in the country's transition to clean energy.
Universal International Holding secured the project with a bid of $0.354 per kilowatt-hour. The auction was facilitated by Azerbaijan's Ministry of Energy with technical support from the European Bank for Reconstruction and Development (EBRD).
The EBRD has been a key partner in Azerbaijan's renewable energy development, providing financing, technical assistance, and support for policy reforms aimed at enabling competitive bidding processes.
The bank has previously co-financed Azerbaijan's first utility-scale solar plant in 2022 and its first utility-scale wind plant in 2023. At COP29, the EBRD also signed financing agreements for the region's two largest solar plants, located in Bilasuvar and Neftchala.
Azerbaijan's Minister of Energy, Parviz Shahbazov, described the auction as a milestone in the nation's green energy agenda. “This achievement will accelerate our energy transition efforts while enhancing our contribution to global climate objectives,” Shahbazov said.
EBRD's regional head for the Caucasus, Alkis Vryenios Drakinos, emphasized the significance of the outcome. “This auction is a game-changer, showcasing the impact of consistent policy engagement and international cooperation,” he noted.
