On April 22, during Azerbaijani President Ilham Aliyev’s visit to China, Nan Yi, Chairman and President of Universal Energy, and Parviz Shahbazov, Azerbaijan’s Minister of Energy, signed an investment agreement in Beijing for Azerbaijan 100MW solar project.

Earlier, during the COP29 conference in 2024, Universal Energy won the bid for this project in a competitive tender against international power investors such as Saudi Arabia’s ACWA Power and the UAE’s Masdar. Notably, this marks Azerbaijan’s first publicly tendered renewable energy project.

With a total investment of approximately $51 million, the project will be located in Gobustan, about 80 kilometers southwest of Azerbaijan’s capital, Baku, and is expected to commence operations by mid-2026. Once completed, it will generate 180 million kWh of electricity annually, reducing local carbon emissions by around 146,520 tons per year.

Under the agreement, the Azerbaijani government will provide comprehensive support in areas such as tax incentives, land use, and grid connection, while coordinating with domestic authorities to facilitate the project’s implementation. The signing of this agreement further ensures smooth project execution and supports Universal Energy’s long-term development in Azerbaijan.

During the meeting, Nan Yi provided an update on the 100MW solar power project, affirming Universal Energy’s commitment to delivering a high-quality and efficient project that advances Azerbaijan’s green energy transition, providing clean, secure, and reliable electricity to local communities.

Minister Parviz Shahbazov congratulated Universal Energy on winning Azerbaijan’s first competitive tender for renewable energy. He emphasized that the Azerbaijani government will fully support the company’s investment and construction efforts, expressing hope that Universal Energy will introduce advanced renewable energy technologies to accelerate the country’s low-carbon energy transition.

Azerbaijan’s Deputy Energy Minister, Elnur Soltanov, also attended the signing ceremony.