Jabrayil: BP today announced the sale of a 10% shareholding of Shafag Jabrayil Solar Limited (SJSL) to MVM Energetika Zrt. (MVM), strengthening the partnership behind BP's landmark solar project in Jabrayil. The ownership of the Shafag solar project is now divided among BP with 40.01%, SOCAR Green with 39.99%, Azerbaijan Business Development Fund (ABDF) with 10%, and MVM with 10%.

According to Azerbaijan State News Agency, Gio Cristofoli, BP's regional president for Azerbaijan, Georgia, and Trkiye, expressed enthusiasm about welcoming MVM to the Shafag solar project partnership. Cristofoli highlighted that MVM's extensive experience in power system operation and transmission management would be beneficial. He emphasized that the partnership exemplifies collaboration, aiming to enhance the project's overall value, resilience, and long-term performance.

Since the final investment decision last year, significant progress has been made on the project. Major contracts have been awarded, construction is underway, and panel shipments are continuing as scheduled. The project is committed to utilizing local resources and is expected to create up to 400 jobs at the peak of construction.

Construction is slated for completion in 2027. The 240MW solar project is projected to generate approximately 500GWh of renewable energy annually. The solar project is connected to the Sangachal terminal electrification (STEL) project through a new commercial structure called the 'virtual power transfer arrangement'. This will enable the terminal to connect to the national grid, operated by AzerEnerji, through new facilities to be constructed both inside and outside the terminal, including a new 220/110 kV electricity substation.

BP's strategy focuses on growing the upstream, streamlining the downstream, and investing with discipline in the energy transition, aiming to increase long-term value for shareholders.