BAKU, Azerbaijan, April 29. The number of shareholders in the Shafag solar power plant (SPP) project in Azerbaijan's Jabrayil district may increase, an informed source in the government told Trend.
“Currently, three participants in the project - bp represented by the subsidiary Lightsource bp, the State Oil Company of Azerbaijan (SOCAR), and the Azerbaijan Investment Company (AIC)—have been announced. At the same time, bp is exploring the possibility of attracting another partner to the project.
The whole situation with the composition of the project shareholders and their relevant shares will become clear in the autumn of 2024, but for now, bp itself will bear all the financial costs of preparing for the construction of the solar power plant,” the source added.
To note, the issue is about the creation of a SPP with a capacity of 240 MW in the Jabrayil district. Its construction can start at the end of 2024 (after adopting an investment decision this autumn) and will take 18 months.
The plant is expected to annually generate 500 million kWh of electricity.
The SPP is expected to generate 500 million kWh of electricity annually.
Previously, the creation of the Shafag SPP was tentatively estimated at $200–300 million, but the cost will depend on the results of bp tenders for the selection of companies supplying solar panels and other equipment.
Lightsource bp will oversee the construction, commissioning, and operation of the plant. The generated electricity will be fed into Azerbaijan's national power grid. The project also entails the construction of a 33/330 kilowatt substation.
Azerbaijan intends to increase the share of renewable energy sources in the country's overall energy balance to 30-33 percent by 2030 (currently eight percent).
