BP sells 10% stake in Shafag solar project to Hungary's MVM

LONDON, Feb 11 (Reuters) - BP BP.L has sold a 10% stake in its Shafag solar project in Azerbaijan to Hungary's MVM Energetika Zrt, the oil major said Wednesday.

BP now owns 40.01% of the project, while SOCAR Green owns 39.99%, and Azerbaijan Business Development Fund and MVM each own 10%, BP said. The announcement comes a day after BP said it took about $4 billion in impairments on its renewables and biogas assets, including related to its solar unit Lightsource bp.

Lightsource bp is building the Shafag project with the joint-venture partners. The British oil major said in June it had made a final investment decision on the project.

A year ago, under then-CEO Murray Auchincloss, BP announced a strategy reset back to hydrocarbons, saying the move would improve profitability after an ill-fated foray into renewables by predecessor Bernard Looney.

BP expects construction for the Shafag project to be completed in 2027 and for the project to generate about 500 gigawatt hours per year of renewable energy.