Winner of Azerbaijan's first renewable energy auction announced within COP29

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, Report informs.

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.

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.

PHOTO: Mahammad Agayev