Azerbaijan has successfully concluded its first renewable energy auction, a major step in its green energy transition, with technical assistance from the European Bank for Reconstruction and Development (EBRD), Olaylar reports.
The announcement was made at the COP29 Climate Change Conference in Baku.
Universal International Holding Limited won the auction with a competitive tariff of $0.0354 per kilowatt-hour. The company will now develop a 100-megawatt solar power plant in the Garadagh region.
Energy Minister Parviz Shahbazov called the auction a milestone that demonstrates growing international confidence in Azerbaijan's renewable energy sector. "This achievement will accelerate our energy transition and strengthen our contribution to global climate goals," he said.
Alkis Vryenios Drakinos, the EBRD's Regional Head for the Caucasus, said: "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. I would like to congratulate all parties involved".
The EBRD, which has invested over 3.7 billion euros in 191 projects in Azerbaijan to date, highlighted the auction as a success in its long-standing support for the country's decarbonization efforts. It has previously financed key solar and wind projects and continues to engage with the government on energy reforms and infrastructure improvements.
