Abu Dhabi's Masdar to build Armenia's biggest solar plant, at 200MW

Dubai: Abu Dhabi’s renewable energy company Masdar will build the biggest solar plant in Armenia. This follows a deal signed to develop a 200MW solar photovoltaic plant in that country.

“The gradual increase of renewable sources in our country's energy system is one of the priorities set by the Government of Armenia,” said Gnel Sanosyan, Armenia’s Minster of Territorial Administration and Infrastructure. “We regard this cooperation with Masdar as an important step towards this goal.”

The ‘Ayg-1’ project will be developed on a design, finance, build, own, and operate (DFBOO) basis. The project company will be 85 per cent owned by Masdar, with the Armenian National Interests Fund (a government-owned investment vehicle) holding 15 per cent.

In July last, the Armenian Government announced that Masdar was the winning bidder for the project, having submitted a tariff of $0.0290 per per kilowatt-hour (kWh) in a competitive process.