EBRD, IFC set to co-finance Armenia’s first large PV farm

Facebook
Twitter
LinkedIn
Reddit
Email
The winning EPCs of the Lake Sevan project proposed a US$0.0419/kWh tariff (Credit: Flickr / Arian Zwegers)

The European Bank for Reconstruction and Development (EBRD) will be among those backing what has been billed as Armenia’s first large-scale PV power plant.

A 55MW farm slated for construction in the Masrik municipality (Gegharkunik province, east Armenia) could raise as much as US$41 million from the institution and the World Bank’s development arm IFC.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

According to the EBRD, the long-term debt package will include grants from the EU Neighbourhood Investment Platform, which supports sustainable development across the bloc’s partner countries.

The plant, predicted to cost US$57 million overall, will be built by the Netherlands’ Fotowatio Renewable Ventures (FRV) B.V and Spain’s FSL Solar S.L. The project will benefit from AMD 885.9 million (US$1.85 million) worth of import VAT adjournments, the government decided recently.

The project’s impacts on the neighbouring Lake Sevan – at 1,242 km2, the Caucasus’ largest – are being reviewed. The “comprehensive biodiversity assessment” is due to end in June 2019, the EBRD explained.

The FRV-FSL consortium were chosen to build Armenia’s 55MW flagship solar project through a competitive tender, launched in 2017 and completed one year later. The winning duo proposed tariffs of US$0.0419/kWh, the lowest of all bidders. 

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

July 25, 2025
A round-up of news from the Indian solar sector this week, including Reliance Industries' cell plant, Juniper Green Energy powering solar PV and Solex Energy launching new modules.
July 25, 2025
Oil and gas major bp has confirmed it will exit the Australian Renewable Energy Hub (AREH), a 26GW wind, solar and green hydrogen project planned for Western Australia.
July 24, 2025
2025 will be the first time in over a decade that solar power additions decline in the EU, according to a mid-year report from SolarPower Europe.
July 24, 2025
Spanish independent power producer (IPP) Sonnedix has raised €2 billion (US$2.35 billion) through two refinancing transactions in Europe.
July 24, 2025
Spanish energy utility giant Iberdrola has recorded over €3.5 billion in net profits in the first half of 2025 as it continues to expand investments in grid networks and high-value markets.
July 24, 2025
China has installed 14.36GW of solar PV in June 2025, down 85% from the previous month and also decreasing 38% from the same period in 2024.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK