The Azerbaijani government has held a groundbreaking ceremony for the 240 MW Shafag solar project located in the Jabrayil District in south-western Azerbaijan. In addition, an investment agreement was signed between the government and Shafag (Jabrayil) Solar Limited (SJSL), a project company owned by BP (50.01%), the national state-owned oil group SOCAR (39.99%) and the Azerbaijan Investment Company (AIC), with a stake of 10%. The US$200m power plant is expected to generate around 0.5 TWh/year of electricity.
In addition, the Saudi energy group ACWA Power has reached financial close of senior debt facilities worth US$238m from the European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development to finance the 240 MW Absheron-Khizi wind project in Azerbaijan. The power plant could be the first international investment-based independent wind power project in Azerbaijan. It should start operations in 2026 and involves a 25-year power purchase agreement with the national electrical power company, Azerenerji.
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