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 Shafag solar project is now: bp 40.01%, SOCAR Green 39.99%, Azerbaijan Business Development Fund (ABDF) 10%, and MVM 10%.
Gio Cristofoli, bp’s regional president for Azerbaijan, Georgia and Türkiye, said: “We are pleased to welcome MVM to the Shafag solar project partnership, building on our successful collaboration in Shah Deniz. MVM brings extensive experience in power system operation and transmission management, and we believe this new partnership exemplifies a collaboration where we can learn from each other to enhance the overall value, resilience and long-term performance of the project.”
Since the final investment decision last year, the project has progressed significantly, with major contracts awarded, construction underway, and panel shipments continuing on schedule. The project is committed to leveraging local resources and is expected to create up to 400 jobs at the peak of construction.
Construction is due to be completed in 2027. The 240MW solar project is expected to generate ~500GWh of renewable energy annually.
The solar project is linked to the Sangachal terminal electrification (STEL) project via a new commercial structure called ‘virtual power transfer arrangement’, which will enable the terminal to connect to the national grid, operated by AzerEnerji, via new facilities to be built both within and outside the terminal, including a new 220/110 kV electricity substation.
bp's strategy is to grow the upstream, focus the downstream and invest with discipline in the energy transition – in service of growing long-term value for shareholders.
