The Ministry of Energy of the Republic of Azerbaijan and bp signed an Implementation Agreement on cooperation in the evaluation and implementation of a project to build a 240MW solar power plant in the Zangilan/Jabrayil region today.
The signing of the document serves the establishment of a "green energy" zone in the liberated territories and stems from the strategic decision on the development of the renewable energy sector in Azerbaijan, the country’s commitment to reduce carbon emissions by 35 percent by 2030 and bp's strategy to become a "net zero emissions" company by 2050.
Minister of Energy Parviz Shahbazov said: “The transformation of Karabakh into a ‘green energy’ zone plays an important role in the modern course of development set by President of the Republic of Azerbaijan Ilham Aliyev. The implementation of this task in conjunction with the priorities of Azerbaijan's new socio-economic development strategy creates ample opportunities for attracting foreign investment to the renewable energy sector. This document, signed today with bp, our long-term strategic partner in the hydrocarbon sector, will open a new page in our cooperation in the area of green energy and decarbonization. I do hope that our active cooperation with bp on the 240MW solar energy project will pave the way for foreign investments in Karabakh.”
Gary Jones, bp's Regional President for Azerbaijan, Georgia and Turkey, said: “In signing this agreement with the government we are taking a step forward in working jointly on an opportunity in support of our respective energy transition ambitions. Globally bp intends to significantly increase our investments in renewables and we are exploring opportunities in places where we already have long and successful partnerships. In Azerbaijan, we have a history of nearly three decades of safe and reliable operatorship of energy projects. We believe the collaborative work we are commencing on this solar opportunity can lead to a new area of partnership through which bp can make an important contribution to Azerbaijan’s energy transition.”
Cooperation within the Implementation Agreement covers areas such as the technical and commercial evaluation of the solar energy project, plant design, provision of financing and the adoption of the final investment decision. A Steering Committee is to be established to carry out relevant activities.
It should be noted that in February 2021, the Ministry of Energy and bp signed a Memorandum of Understanding to cooperate in assessing the potential and conditions required for large-scale decarbonized and integrated energy and transport systems, including renewable energy projects in the regions and cities of Azerbaijan.
