Unit of Saudi energy firm wins Armenia solar project contract

Fotowatio Renewable Ventures, part of Saudi-based Abdul Latif Jameel Energy, has been awarded a solar project in Armenia that will power more than 21,400 homes
By Sam Bridge
Wed 04 Jul 2018 04:12 PM

Fotowatio Renewable Ventures (FRV), part of Saudi-based Abdul Latif Jameel Energy, has been awarded a solar project in Armenia that will power more than 21,400 homes.

Expanding the company’s global footprint, FRV has been awarded the competitive tender by the Armenia Renewable Resources and Energy Efficiency Fund, a statement said.

It added that the project will generate enough green electricity to reduce greenhouse gas emissions by approximately 54,000 tonnes of CO2 per year. This is the same as reducing the number of cars on the road in the country by more than 23,400.

Masrik-1 Solar PV plant is planned to be constructed in the Mets Masrik community of Gegharkunik province of Armenia. The plant will cover a land area of approximately 100 hectares and construction will begin in early 2019 and be operational towards the end of 2020.
Approximately 300 jobs will be created as part of the construction phase.

Roberto de Diego Arozamena, CEO of Abdul Latif Jameel Energy, said: “Armenia’s growing focus on renewable energy presents numerous opportunities for Abdul Latif Jameel Energy. It further expands our global footprint, and shows that more and more countries around the world are rightly focusing on clean energy.

“With countries such as Saudi Arabia putting in place initiatives such as the National Renewable Energy Program, under which the country plans to build a solar project that can supply 9.5 gigawatts of energy, there remains huge potential in renewable energy globally.”

This year, Abdul Latif Jameel Energy has also announced a hybrid solar-wind project in Chile, secured financing for a Mexican solar farm that will power 150,000 homes, and announced it is supporting the launch of Jordan’s first nanosatellite.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Wed 04 Jul 2018 04:17 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.