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%.
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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.