Under the Implementation Agreement on the solar energy project in Azerbaijan’s Zangilan and Jabrayil regions, bp needs to complete the technical and commercial appraisal and design of the project, bp told Trend.
As for the planned investments of the company on this project, bp said it is too early to say at this point but this may be a good cooperation opportunity both for bp and the Ministry of Energy.
The Ministry of Energy of the Republic of Azerbaijan and bp earlier 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.
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.
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.