UAE-based renewable energy company Masdar has signed an agreement with the Armenian government to develop the 200MW Ayg-1 solar photovoltaic (PV) plant.
Armenian Territorial Administration and Infrastructure Minister Gnel Sanosyan and Masdar CEO Mohamed Jameel Al Ramahi have signed the government support agreement (GSA).
The Armenian government announced Masdar as the winning bidder for the Ayg-1 solar project in July this year.
The solar power project will be developed between the Talin and Dashtadem communities and will spread over 500ha area.
It is expected to create direct and indirect jobs in the region.
Ramahi said: “This agreement marks a milestone on Armenia’s clean energy journey, and the development of this project will support the nation’s sustainable economic development.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“We look forward to working with the Armenian National Interests Fund on further opportunities in this field, and leveraging the experience we have gained as a global leader in renewable energy projects to support the diversification of Armenia’s energy mix.”
Masdar stated that the Ayg-1 solar plant will be developed on a design, finance, build, own and operate basis.
The company will hold 85% stake in the project company while the remaining 15% stake will be held by the Armenian National Interests Fund (ANIF), a government owned investment vehicle.
Upon completion, the project is expected to become the largest utility-scale solar power plant in the country.
Sanosyan said: “The gradual increase of renewable sources in our country’s energy system is one of the priorities set by the Government of Armenia.
“We regard this cooperation with Masdar as an important step towards this goal, as well as towards endorsing Armenia’s investment potential.
“The Ayg-1 industrial 200MW solar plant project is a milestone on this road. We expect the signing of this document to mark the start of fruitful and lasting cooperation on this and for new upcoming projects.”
Armenian Territorial Administration and Infrastructure Minister Gnel Sanosyan and Masdar CEO Mohamed Jameel Al Ramahi have signed the agreement. Credit: MASDAR.