On October 2, 2024, a meeting was held among Rovshan Najaf, President of the State Oil Company of Azerbaijan Republic, Noelia Alvarez Marivela, bp’s vice-president for solar and onshore wind and Ulvi Mansurov, Executive Director of “Azerbaijan Investment Company” OJSC.

During the meeting, participants expressed satisfaction with the long-standing, mutually beneficial relationship between SOCAR and BP. In this regard, it was highlighted that the joint participation in the "Shafag" project to be implemented in Jabrayil region is a prominent example of the expansion of successful cooperation. Along with the significant role of the “Shafag” project in enhancing the renewable energy potential of Azerbaijan, it was also expressed a belief that this project would have an important contribution to the large-scale works carried out for the transition of liberated territories into the “green energy” zone.     

Shareholder Agreement was signed between SOCAR, bp and “Azerbaijan Investment Company” OJSC within the framework of Baku Climate Activity Week.

In accordance with the document on “Shafag” project that envisages the construction of a 240 MW solar power plant in Jabrayil region, “Shafag (Jabrayil) Solar limited” (SJSL) becomes a joint venture with joining of SOCAR and “Azerbaijan Investment Company” OJSC.

A new commercial model called "Virtual Energy Transmission Mechanism" will be used for the first time within the “Shafag” project. This will enable solar energy production and the transmission of generated energy to the national electricity grid through “AzerEnergy” OJSC.