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

June 25, 2021
Abu Dhabi-based renewables company Masdar has signed an agreement to develop solar projects in Iraq with a minimum total capacity of 2GW.
June 3, 2021
Abu Dhabi-based Masdar has won a tender to build a 457MW solar plant in Uzbekistan, taking the developer’s awarded PV capacity through the country’s tenders to almost 1GW.
May 21, 2021
Abu Dhabi-based Masdar has secured the rights to develop two solar projects in Uzbekistan that will have a combined capacity of 440MW.
May 10, 2021
Tutly Solar, French energy giant Total Eren’s subsidiary in Uzbekistan, has been awarded an €87.4 million US$106.32 million) loan package to develop a utility-scale solar PV system in the country.
April 12, 2021
A consortium between Abu Dhabi-based Masdar, EDF Renewables and Nesma Holding Company has broken ground on a 300MW PV project in Saudi Arabia.
March 16, 2021
Abu Dhabi-based renewables company Masdar is continuing its international expansion with new plans to develop 500MW of solar in Ethiopia through a partnership with the country’s government.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Webinar
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021