(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 3.​ The first solar panel has been installed at Azerbaijan's Gobustan Solar Power Plant, the country's first auction-based renewable energy project with a capacity of 100 megawatts (MW), Trend reports via the State Agency for Renewable Energy Sources under the Ministry of Energy.

According to the agency, construction of the plant, carried out in partnership with China's Universal International Holdings Limited, began in May this year. Local companies are primarily handling the construction work.

The plant, scheduled to become operational in 2027, is expected to generate around 260 million kilowatt-hours of electricity annually. This will save around 57 million cubic meters of natural gas each year and reduce carbon emissions by about 124,000 tons.

Universal International Holdings Limited won the project last year during an auction organized by the Ministry of Energy of the Republic of Azerbaijan with the support of the European Bank for Reconstruction and Development (EBRD) under the COP29 framework.

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