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

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

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

Premium
October 10, 2025
Gaëtan Masson of IEA PVPS warns of overcapacity, collapsing prices and slipping module quality in the new Trends in PV Applications report.
October 10, 2025
The European solar module market has reached a “state of equilibrium” in recent weeks, with stable prices and regular demand.
October 10, 2025
US solar recycling firm OnePlanet has achieved the R2v3 certification from electronics sustainability non-profit SERI, which represents the “highest standards of traceability”.
October 10, 2025
NTPC Renewable Energy Limited has signed an MoU with the Government of Gujarat to develop 15GW renewable energy projects in Gujarat.
October 10, 2025
Australia's renewable energy sector recorded its slowest month of the year for additions in September, with 5.8GW of new projects added to development pipelines, according to data from Rystad Energy.
October 9, 2025
The Australian government has announced the results of the fourth Capacity Investment Scheme (CIS) tender, with 6.6GW of renewables awarded long-term contracts.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK