The winner of the tender for the construction of the 100-megawatt Gobustan Solar Power Plant, supported by the European Bank for Reconstruction and Development (EBRD), was announced during COP29.

Universal International Holdings Limited won the tender with the lowest price per kilowatt-hour. The plant is scheduled to begin operations in 2027, with an estimated annual production of approximately 260 million kilowatt-hours of electricity. This will save around 57 million cubic meters of natural gas annually and reduce carbon emissions by 124,000 tons.

Parviz Shahbazov, Azerbaijan’s Minister of Energy, emphasized that the successful conclusion of the tender marks a significant milestone in the country’s renewable energy sector. He also noted that the victory of China’s Universal International Holdings Limited highlights the growing international interest in Azerbaijan’s green energy initiatives.

Alkis Vryenios Drakinos, Director and Regional Head of the Caucasus for the EBRD, congratulated all parties involved, calling it a major accomplishment for Azerbaijan’s renewable energy progress.

The tender was conducted in accordance with the “Rule for the Selection of Electricity Producers in the Territory of Renewable Energy Sources,” approved by Decree No. 2285 of the President of Azerbaijan on August 2, 2023.