BP sells 10% stake in Shafag solar project in Azerbaijan to Hungary's MVM

MOSCOW. Feb 11 (Interfax) - BP Plc has sold a 10% shareholding in the project to build the Shafag solar power plant in Azerbaijan's Jabrayil district to Hungary's MVM Energetika Zrt. (MVM), BP said in a press release.

"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," it said.

The ownership of the Shafag solar project following the deal is BP - 40.01%, SOCAR Green - 39.99%, Azerbaijan Business Development Fund (ABDF) - 10% and MVM - 10%.

"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," Gio Cristofoli, BP's regional president for Azerbaijan, Georgia and Turkey, was quoted as saying.

Since the final investment decision last year, the project has progressed significantly, with major contracts awarded, construction underway, and panel shipments continuing on schedule, BP said.

"Construction is due to be completed in 2027. The 240MW solar project is expected to generate approximately 500GWh of renewable energy annually," it said.

BP, SOCAR Green and Azerbaijan Business Development Fund (ABDF) in June 2025 signed the final investment decision for the Shafag solar project which will enable construction of a 240MW AC solar plant in the Jabrayil district of Azerbaijan to begin. Construction of the $200 million Shafag solar plant should be completed mid-2027.

The Shafag (Jabrayil) Solar Limited (SJSL) joint venture was set up to carry the project out. BP's wholly owned Lightsource BP is participating in the project on BP's behalf.