(MENAFN- AzerNews)
Nazrin Abdul
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A Joint Participation Agreement has been signed between bp,
SOCAR Green (SOCAR), and the Azerbaijan investment Company (AIC)
for the construction of the 240 MW Shafaq Solar Power plant in
Jabrayil, Azernews reports.
This agreement marks the establishment of a new joint venture,
"Shafaq (Jabrayil) Solar Limited" (SJSL), which will oversee all
investment activities related to the project.
Prior to this, an accession agreement was signed by the same
parties in September of last year to initiate negotiations for the
shareholders' agreement.
The Shafaq project is expected to pioneer a new commercial model
called the "Virtual Energy Transmission Mechanism." If successfully
implemented, this mechanism will allow solar energy generated in
Jabrayil to be transferred to Azerenergy, the operator of
Azerbaijan's electricity grid. Azerenergy will then deliver an
equivalent amount of electricity to the Sangachal terminal,
enabling the terminal to utilize renewable energy for its
operational needs.
The shareholders' agreement was signed by Colin Allan, bp's Vice
President for Finance for Azerbaijan, Georgia, and Turkey, on
behalf of SJSL; Noelia Marivela Alvarez, bp's Vice President for
Solar Energy and Onshore Wind; Rovshan Najaf, President of SOCAR;
and Ulvi Mansurov, Executive Director of AIC.
At the signing event, Colin Allan expressed enthusiasm about the
collaboration:“We are delighted to welcome SOCAR and AİŞ as our
new partners in this significant project. Our joint efforts will
expedite the implementation of the Shafaq initiative and pave the
way for a new era of cooperation with SOCAR and the government of
Azerbaijan. By combining our deep expertise, we can support a truly
innovative approach to decarbonizing the Sangachal terminal and
reducing operational emissions in the Caspian region.”
SOCAR President Rovshan Najaf remarked,“A new chapter is
opening in the long-standing, mutually beneficial relationship
between SOCAR and bp. I am pleased to see our collaboration, which
began with the signing of the 'Contract of the Century' thirty
years ago, continue to thrive and expand. I am confident that our
joint efforts will not only enhance Azerbaijan's renewable energy
potential but also contribute significantly to transforming the
liberated territories into a 'green energy' zone.”
Ulvi Mansurov, Executive Director of AIC, added,“This project
is of great strategic importance to us, representing a key
investment in the liberated territories of Azerbaijan. In addition
to supporting the nation's goal of increasing the share of
renewable energy sources to 30% by 2030, we aim to foster economic
development in the Jabrayil region. We are proud to be part of this
transformative initiative and look forward to its successful
implementation, aligning with our government's vision for green
energy development.”
The shareholders' agreement will take effect upon the
fulfillment of specific commercial and regulatory conditions. Once
effective, the share distribution within SJSL will be as follows:
bp - 50.01%, SOCAR - 39.99%, and AIC - 10%.
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