Armenia’s largest Utility-Scale Solar Power Plant is well underway after a financial agreement has been reached between Fotowatio Renewable Ventures (FRV), International Finance Corporation (IFC), a member of the World Bank Group, the European Bank for Reconstruction and Development (EBRD), the European Union (EU) and Ameriabank.
The solar farm, named Masrik-1, will produce 55 megawatts and will supply clean energy to more than 20,000 homes while reducing CO2 emissions by more than 40,000 tons every year.
The solar farm will be located in Mets Masrik municipality, Gegharkunik region.
Masrik-1 is currently the first-of-its-kind and the largest solar power plant in Armenia, and it will help boost Armenia’s supply of renewable energy while reducing its dependency on fossil fuels.
“Armenia has great potential when it comes to the development of renewable energy, in particular, solar energy” said Tristán Higuero, Chief Operations Officer of FRV. “The financial closing of our first solar project in the region is a milestone for FRV as it allows us to expand our reach worldwide. Through this project, we will contribute to the country’s sustainable economic growth through the generation of wealth and employment, helping to build a more sustainable future”.
Artak Hanesyan, Ameriabank’s Chairman of the Management Board-CEO, highlighted the importance of the project and said that the renewable energy projects are a priority for the Bank: “We support international business in Armenia and have prioritized this project for its role in economic development, addressing environmental issues, creation of new job opportunities and improvement of the living standards in our country.”