BAKU, Azerbaijan, November 21. The winner of the tender for the construction of a 100-megawatt solar power plant in Azerbaijan's Gobustan settlement, supported by the European Bank for Reconstruction and Development (EBRD), has been announced at COP29, Trend reports.
The tender was won by Universal International Holdings Limited, which offered the lowest rate per kilowatt-hour of electricity.
The plant, which is scheduled to be commissioned in 2027, is expected to produce around 260 million kilowatt-hours of electricity annually, saving 57 million cubic meters of natural gas per year and reducing carbon emissions by 124,000 tons.
Azerbaijani Minister of Energy Parviz Shahbazov and EBRD Regional Director for the Caucasus Alkis Vryenios Drakinos took part in the announcement ceremony.
"The successful completion of the tender for the construction of a 100-megawatt solar power plant in Gobustan is another important achievement in Azerbaijan's renewable energy sector. The victory of the Chinese company Universal International Holdings Limited further underscores the growing interest and confidence of international investors in our country's green energy projects.
This tender, conducted with the support of the EBRD and the result announced at COP29, demonstrates Azerbaijan's commitment to international cooperation, the Sustainable Development Goals, and the realization of the potential of green energy. This success will not only accelerate the energy transition process but also further strengthen our contribution to achieving global climate goals," Shahbazov said.
"The successful completion of the first renewable energy tender in Azerbaijan is a significant achievement for us. The EBRD is pleased to see the results of our long-standing efforts in financing green energy projects and supporting policy in this area. We congratulate all parties involved in the implementation of this project," Drakinos added.
To note, the auction was held in accordance with the "Procedure for selecting electricity producers in the renewable energy sector," approved by decree No. 2285 of the President of Azerbaijan on August 2, 2023.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action - was held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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