Abu Dhabi-based Masdar is looking at renewable energy opportunities in Armenia.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, and David Papazian, chief executive officer of the Armenian National Interests Fund (ANIF), have signed a memorandum of understanding (MoU) to explore collaboration in solar photovoltaic (PV) energy (200MW), onshore wind power (200MW), and floating solar power (100MW), according to Emirates News Agency (WAM).
Al Ramahi said: "As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy."
Armenia is already a significant producer of hydroelectric power, and many of the country’s more than 200 rivers and lakes are suitable for floating solar power projects.
With wind speeds of 8.5 metres per second and above, much of Armenia is also ideal for wind farm development, while the country receives an estimated 1,720 kilowatt-hours (kWh) of solar energy per square metre, compared with an average of 1,000kWh per square metre in Europe.
Papazian added: "Whilst there has been a long-standing diplomatic relationship, this Armenian government is intent on renewing and deepening its ties with our friends in the UAE. This agreement is a testament to our joint commitment to carry out this ambition."
A full member of the Abu Dhabi-headquartered International Renewable Energy Agency, (IRENA), since 2010, Armenia aspires to generate more than a quarter (26 percent) of its domestic power needs from renewable energy sources by 2025, and hopes to cap its carbon emissions at 633 million metric tons of CO2 equivalent between 2015 and 2050, according to Bloomberg New Energy Finance.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.
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