BP p.l.c. Finalizes Investment Decision for 240 MW Solar Power Plant in Azerbaijan

A final investment agreement was signed for the 240 MW Shafag 11 Solar Power Plant at the 30th Caspian Oil and Gas exhibition in Baku. This deal, which was signed between BP p.l.c. (NYSE:BP), a global energy leader, the State Oil Company of Azerbaijan (SOCAR), and the Azerbaijan Investment Company, marks a significant milestone in Azerbaijan’s renewable energy journey. This investment represents the region’s largest direct foreign investment in solar energy, located in the Jabrayil district.

BP p.l.c. Finalizes Investment Decision for 240 MW Solar Power Plant in Azerbaijan

An agricultural field full of solar panels, capturing the sun’s energy for the company.

The solar plant is designed to generate over 500 million kilowatt-hours on an annual basis, save up to 150 million cubic meters of natural gas annually, and reduce carbon emissions by over 260,000 tons. The renewable energy produced will support BP p.l.c.’s (NYSE:BP) operations at the Sangachal terminal, which is located nearby, according to an innovative Virtual Power Transmission Agreement. Consequently, this renewable power will replace the existing conventional power sources.

While this decision presents promising signs for Azerbaijan’s energy infrastructure, it also highlights BP p.l.c.’s (NYSE:BP) and SOCAR’s commitment to diversifying energy sources, supporting cleaner energy, and enabling sustainable growth in the Caspian region.

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