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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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. 

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

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.
September 6, 2021
French energy major TotalEnergies has agreed to build a 1GW solar farm in Basra region of southern Iraq in a deal worth US$10 billion
August 30, 2021
Uzbekistan has inaugurated the country’s first utility-scale solar project, a 100MW site developed by Masdar.
August 4, 2021
Construction work on a 145MWac floating solar project in Indonesia has started after the joint venture (JV) behind the installation reached financial close.
July 6, 2021
United Arab Emirates developer Masdar has won a bid to develop a 200MW solar farm in Armenia with an investment of US$174 million.
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.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021