UAE firm invests $174 million in a 200MW solar farm in Armenia

UAE firm invests $174 million in a 200MW solar farm in Armenia

The Government of Armenia has selected Abu Dhabi-based clean power company, Masdar, as the winning bidder for the tender for the construction of the 200-megawatt facility.

The plant will be located near Talin, a town 67 kilometers northwest of Yerevan. The selection of the area was based on the fact that solar radiation is high there and land is unusable for agricultural purposes.

The plant will cover 500 hectares of land. It will be 85 percent owned by Masdar.

Davit Papazian, the head of the Armenian National Interests Fund, has announced that this is the “largest single foreign investment in green energy in the region.”

Mohamed Jameel Al Ramahi, CEO of Masdar, added for his part: “This is a vital stage in Armenia’s clean energy journey – low-cost solar energy will help power new industries, generate jobs, and set the country on the path to a prosperous and truly sustainable future.

We’d like to remind you that the first Armenian solar power plant (0.5 megawatts capacity) went on stream in September 2017. Six other small facilities were connected to the national power grid by November 2018. Armenian private firms began building several more solar plants in the following months.

A 55-megawatt facility is due to be built by a Spanish renewable energy firm. The $50 million project is mostly financed from a World Bank grant allocated to Armenia in 2015.

The winning company for this project Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia, and Uzbekistan. As claimed by the company, it has already invested at least $8.5 billion in renewable energy projects in the United Arab Emirates and abroad.

David Papazian, CEO of ANIF, added that further discussions are underway on the construction of the second plant proposed by Masdar.

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