The Azerbaijan Investment Company has realized 23 projects worth 1.7 billion manats (almost $1 billion) over the past five years, the country’s economy minister, Mikayil Jabbarov, announced on Friday.

bp, being initially the sole investor in the Shafag project, a 240MW AC solar plant to be built in the Jabrayil region of Azerbaijan, today signed a shareholders’ agreement (SHA) with SOCAR Green (SOCAR) and the Azerbaijan Investment Company (AIC), forming a new joint venture called Shafag (Jabrayil) Solar Limited (SJSL), which will be the joint investment vehicle in the project, News.Az reports citing bp.