Azerbaijan’s Shafag Solar Project Sees BP Stake Transfer
In a significant development for Azerbaijan’s burgeoning renewable energy sector, global energy giant BP has sold a portion of its stake in the Shafag solar project. The move signals a new partnership and continued international interest in the nation’s green energy ambitions.
A New Partner Enters the Shafag Solar BP Transfer Project
On February 11, 2026, BP announced the sale of a 10% stake in the Shafag solar power project to Hungary’s state-owned energy conglomerate, MVM Energetika Zrt. The news, reported by major outlets including Reuters and Interfax, marks the entry of a new European partner into one of Azerbaijan’s key solar initiatives.
While the financial terms of the transaction have not been publicly disclosed, the transfer underscores the strategic value of the project. This deal diversifies the project’s ownership and brings in another experienced player from the European energy market to support its development.
Strategic Implications for Azerbaijan’s Energy Goals with Shafag Solar BP Transfer
This stake transfer is more than just a corporate transaction; it highlights the evolving landscape of energy investment in the Caspian region. For decades, BP has been a cornerstone of Azerbaijan’s oil and gas industry. Its continued and expanding involvement in the country’s renewable projects, like Shafag, represents a crucial pivot towards a sustainable energy future.
The involvement of Hungary’s MVM Energetika Zrt also points to strengthening energy ties between Central Europe and the South Caucasus. As Azerbaijan aims to become a significant producer and exporter of green energy, attracting diverse international investment is a key component of its strategy. This partnership is a testament to the confidence foreign investors have in Azerbaijan’s renewable potential and its commitment to transitioning its energy mix.
The Shafag solar project remains a critical piece of Azerbaijan’s plan to increase the share of renewables in its domestic energy production, and this new partnership structure is set to help drive that vision forward.
