A meeting was held between Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), Noelia Alvarez Marivela, Vice President of BP for solar and onshore wind energy, and Ulvi Mansurov, Executive Director of "Azerbaijan Investment Company" OJSC.
At the meeting, satisfaction was expressed with the mutually beneficial relations between SOCAR and BP, which have been going on for many years. In this regard, it was noted that the joint participation in the "Shafaq" project, which will be implemented in Jabrayil district, is a clear indicator of the expansion of successful cooperation. Belief was expressed that the "Shafaq" project will play an important role in the development of Azerbaijan's renewable energy potential, and will make an important contribution to the large-scale works carried out in the direction of the transformation of the territories freed from occupation into "green energy" zones.
A shareholders agreement was signed between SOCAR, bp and "Azerbaijan Investment Company" OJSC as part of the Baku Climate Action Week.
According to the document signed on the "Shafaq" project, which envisages the construction of a 240 MW solar power plant in Jabrayil district, "Shafaq (Jabrayil) Solar Limited" (SJSL) becomes a joint venture with the inclusion of SOCAR and "Azerbaijan Investment Company" OJSC.
Within the Shafaq project, a new commercial model called "Virtual Energy Transmission Mechanism" will be used for the first time, which will allow the production of solar energy and the transmission of the obtained energy to the national electricity grid through "AzerEnergy" OJSC.
