BAKU, Azerbaijan, February 20. The construction project of the Shafag Solar Power Plant (SPP) in Azerbaijan will rank among the first projects to be implemented by the Lightsource bp company, a global solar leader, Trend reports via bp's website.
In the second half of 2024, bp will finalize an agreement to buy
a stake in Lightsource, one of the world's leading developers and
operators of solar energy plants and utility batteries (energy
storage or simply storage).
This environmentally friendly company has a portfolio of 8.4 GW of
solar projects worth $2 billion and operates in 19 countries
worldwide.
"The combined new company, Lightsource bp, will be responsible for the construction, commissioning, and operation of the Shafag SPP in the Jabrayil district (East Zangazur Economic Region) of Azerbaijan. Construction is set to commence in October 2024 and is expected to take approximately 18 months, tentatively until November 2025," bp's materials said.
The SPP will be located six kilometers south of Jabrayil city, near Hajili village, covering an area of 802 hectares. The plant's capacity is 240 MW of alternating current (generating capacity), which can peak at 288 MW.
The plant-generated electricity will be fed into Azerbaijan's national power grid. The project also includes the construction of a 33/330 kV substation.
Commercial operation of the plant is scheduled for December 2025.
The final investment agreement for the Shafag SPP construction project may be signed by July 2024.
To note, the Ministry of Energy of Azerbaijan and bp signed an executive agreement on cooperation in the field of evaluation and implementation of the SPP construction project on June 3, 2021.
The initial investment cost of the project is estimated at $200 million.
The project participants include the State Oil Company of Azerbaijan (SOCAR) and the Azerbaijan Investment Company.
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