Masdar invests US$174m in a 200MW farm in Armenia

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
A solar project from Masdar in Mauritania. Image: Masdar.

United Arab Emirates developer Masdar has won a bid to develop a 200MW solar farm in Armenia with an investment of US$174 million.

Located in the Talin and Dashtadem regions of Armenia, the plant will be constructed on a design, finance, build, own, and operate (DFBOO) basis. The project company will be owned by Masdar, with 85% control, and the Armenian National Interest Fund (ANIF), with 15%.

The Armenian government put the rights to the project out to international tender after Masdar made an initial offer of US$0.0299/kWh in December 2019. Following a competitive process, Masdar lowered the price to US$0.0290/kWh.

Built over 500 hectares, the plant is one part of a joint “Joint Development Agreement” signed by Masdar and ANIF in November 2019 to develop 400MW of energy capacity in Armenia.

Masdar “looks forward to exploring more opportunities in Armenia, which has great potential for further developing its clean energy infrastructure,” said Masdar CEO Mohamed Jameel Al Ramahi.

“This is by far the largest single foreign investment in green energy in the region and the second largest foreign direct investment in the history of modern Armenia,” added ANIF CEO David Papazian.

Masdar has recently won the rights to solar projects in Iraq (2GW) and Uzbekistan (457MW) and is looking to expand into the Southeast Asian market.

Read Next

January 19, 2022
Indonesia could host up to 1.2GW of solar PV that would export electricity to Singapore as part of new proposals put forward by a coalition of four international companies.
January 4, 2022
Abu Dhabi-based renewables company Masdar has secured a deal to develop a solar project in the country of Georgia that will have a capacity of up to 100MW.
November 29, 2021
A round-up of the latest project news from across the world, including Masdar’s plans to develop solar in Armenia, TotalEnergies completing its largest project in France and Shikun & Binui expanding its US energy portfolio.
November 19, 2021
Michigan utility Consumers Energy will add 375MW of new solar PV capacity across three projects in the state as part of its Clean Energy Plan
October 19, 2021
Shortlisted bids in Saudi Arabia’s latest solar tender have jumped significantly on the lowest price recorded in the country’s previous renewables programme, reflecting the hikes in PV equipment costs in recent months.
September 17, 2021
BP, Abu Dhabi National Oil Company (ADNOC) and Masdar have partnered up to develop low carbon hydrogen hubs and create decarbonised air travel corridors between the UK and UAE in a deal that will see “billions” of dollars of investment.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal