BAKU, Azerbaijan, May 27. The Azerbaijani government has allocated 940 hectares of public land in Jabrayil district, part of the East Zangezur economic zone, for the building of the 240 MW Shafag solar power project (SPP), Trend reports, referring to the resolution signed by Azerbaijani Prime Minister Ali Asadov.
The area is under the jurisdiction of the Department of Agriculture and Ecology of the Cabinet of Ministers, which is responsible for overseeing the renewable energy sources (RES) zone designation.
As explained to Trend by bp (through its Lightsource bp subsidiary, the project operator), the final investment decision on the Shafag solar power plant is anticipated by the end of 2024. This decision will clarify the SPP's cost by reviewing contractor proposals for solar panels, equipment, and servicing.
Following this, a decision will be made regarding the involvement of Socar (the State Oil Company of the Azerbaijan Republic) and Azerbaijan Investment Company (AIC) in the project in terms of shares and costs. Until then, bp will cover all expenses for the Shafag project independently.
To note, construction of the solar energy system is slated to commence this year.
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