MVM purchases 10% of BP's Shafag Solar Project

The oil giant announced Wednesday that it had sold a 10% share in its Shafag Solar?project? in 'Azerbaijan? to MVM Energetika Zrt of Hungary.

BP?said that BP owns 40.01 % of the project. SOCAR owns 39.99% and MVM and Azerbaijan?Development?Fund each own 10 %. BP announced the news a day before, after it reported that it had taken about $4 billion of impairments in its renewables and?biogas?assets. This included its?solar unit Lightsource Bp.

Lightsource bp and its joint venture partners are building the Shafag Project. British Oil Major said it made a decision in June to invest final funds on the project.

BP, then under the leadership of Murray Auchincloss announced a strategy to'reset back' to hydrocarbons. The move was said to improve BP’s profitability after an ill fated foray by Bernard Looney into renewables.

BP 'expects the construction of the 'Shafag Project to be completed by 2027. The?project will generate approximately?500 gigawatt-hours per?year in renewable energy. Reporting by Stephanie Kelly, Prerna Bedi and Bernadettebaum and Louise Heavens.

(source: Reuters)