China’s Universal International Holding Ltd. has secured a contract to build 100 MW of solar in eastern Azerbaijan, after submitting the lowest bid of $0.0354/kWh in the country’s first renewables auction.
The company will design, finance, build, and operate the solar plant, which will be built in the Garadagh region near Azerbaijan’s Caspian Sea coastline. The facility is set to begin operations in 2027.
“The selection of Universal International Holdings Limited underscores the increasing interest and confidence of international investors in Azerbaijan’s green energy initiatives,” said Azerbaijan Energy Minister Parviz Shahbazov.
Construction of a separate 240 MW solar project in Azerbaijan began earlier this month.
According to the International Renewable Energy Agency (IRENA), Azerbaijan had cumulatively deployed 282 MW of solar by the end of 2023.
