Following the transaction, the project’s ownership structure now stands at bp holding 40.01%, SOCAR Green 39.99%, the Azerbaijan Business Development Fund 10%, and MVM Energetika 10%, News.Az reports, citing BP.
bp’s regional leadership said the partnership with MVM builds on previous cooperation between the companies and is expected to strengthen technical expertise in power system operation and transmission management. The company said the new partnership is aimed at improving the project’s long-term efficiency, resilience, and overall value.
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The Shafag solar project has made significant progress since the final investment decision last year. Major contracts have been awarded, construction is underway, and solar panel deliveries are continuing on schedule. At peak construction, the project is expected to create up to 400 jobs, with a focus on using local resources and workforce capacity.
The 240-megawatt solar facility is scheduled for completion in 2027 and is expected to generate around 500 gigawatt-hours of renewable electricity annually.
The project is also connected to the Sangachal terminal electrification initiative through a virtual power transfer system. This structure will allow the terminal to link to Azerbaijan’s national power grid, operated by AzerEnerji, through new infrastructure, including a 220/110 kV substation and related transmission facilities.
