Azerbaijan’s Ministry of Energy has successfully completed its first renewable energy auction, awarding a 100 MW solar power project to universal international holdings.
The Chinese company secured the contract with a competitive bid of USD0.0354 per kWh and will be responsible for designing, financing, building, and operating the solar plant in the Garadagh region, located near Azerbaijan’s Caspian Sea coastline. The facility is expected to begin operations in 2027. The auction was initiated in April 2024 with tender support from the European Bank for Reconstruction and Development.