Updates throughout with details and background

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%, Azerbaijan Business Development Fund owns 10% and MVM owns 10%, BP said.

BP's solar unit Lightsource bp is building the project with the joint-venture partners, after the company said in June it had taken a final investment decision on the project.

The British oil major took about $4 billion in charges on its renewables and biogas assets in the fourth quarter last year, the company said on Tuesday. It listed its Lightsource bp , U.S. biogas unit Archaea and offshore wind businesses as the main reasons.

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