Masdar signs MoU to develop 300MW of PV power within Armenia

Facebook
Twitter
LinkedIn
Reddit
Email
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, and David Papazian, chief executive officer of the Armenian National Interests Fund, signed the MoU last week. Image: Masdar

The Abu Dhabi Future Energy Company, also known as Masdar, is set to leave a major impact on the renewable-energy sector in Armenia. 

Mohamed Jameel Al Ramahi, chief executive officer of Masdar, and David Papazian, chief executive officer of the Armenian National Interests Fund (ANIF), signed off on a memorandum of understanding (MoU) last week to explore collaboration in the development of 200MW of PV energy and 100MW of floating PV power. Both parties will also explore the development of 200MW of onshore wind power. 

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

Al Ramahi said: “It is a great honour to be in Yerevan to discuss the bright renewable energy future of Armenia, and to establish formal ties with the Armenian National Interests Fund. As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy.” 

He added: “At Masdar, as the renewable energy company of both Abu Dhabi and Mubadala Investment Company, we are excited to have this opportunity to further strengthen the relationship between Armenia and the UAE, and to share with our hosts our 13 years of experience delivering renewable energy projects around the world.”

Armenia is already a significant producer of hydroelectric power, while many of the country’s more than 200 rivers and lakes are ideal locations for floating PV projects. The country also receives an estimated 1,720 kWh of solar energy per square metre, compared with an average of 1,000 kWh per square metre in Europe.

Papazian said: “Since elevating the relationship between the UAE and Armenia in January, it is symbolic that our first investment agreement is about renewables. Whilst there has been a long-standing diplomatic relationship, this Armenian government is intent on renewing and deepening its ties with our friends in the UAE. This agreement is a testament to our joint commitment to carry out this ambition.”

Read Next

August 20, 2025
The consortium building the Al Sadawi PV power plant in Saudi Arabia has reached financial close on the 2GW project.
July 7, 2025
ReNew has received a non-binding final acquisition offer from a consortium at US$8 per share, which is 13.2% more than their earlier offer.
June 24, 2025
FRV has started commercial operations at its 55MW Masrik-1 PV project in Armenia, the largest to enter operation in the country.
April 23, 2025
Shanghai Electric and Masdar have signed an agreement to build the 2GW Sadawi solar project in Saudi Arabia.
April 14, 2025
Masdar has signed two agreements with the Indonesian electricity firm PT PLN to expand floating solar capacity on the island of Java.
March 24, 2025
The Northwest Electric Power Design Institute of China Power Engineering Consulting Group (NWEPDI) has signed an engineering, procurement and construction contract with Abu Dhabi Future Energy Company (Masdar) for the 445MW Bilasuvar and 315MW Banka PV projects in Azerbaijan.

Subscribe to Newsletter

Upcoming Events

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
Solar Media Events
October 7, 2025
Manila, Philippines