Masdar has announced it has signed an agreement with the Government of the Republic of Armenia to develop a 200-megawatt (MW) solar photovoltaic plant.
The Ayg-1 project will be Armenia’s largest utility-scale solar plant, a statement said.
Gnel Sanosyan, the Minster of Territorial Administration and Infrastructure of the Republic of Armenia, said: “The gradual increase of renewable sources in our country’s energy system is one of the priorities set by the Government of Armenia. 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 and the project company will be 85 percent owned by Masdar, with the Armenian National Interests Fund, (ANIF) holding 15 percent.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “This agreement marks a milestone on Armenia’s clean energy journey, and the development of this project will support the nation’s sustainable economic development. We look forward to working with the Armenian National Interests Fund on further opportunities in this field.”
The Ayg-1 plant will be located between the Talin and Dashtadem communities of Armenia on land that is unusable for agricultural purposes. The plant will span over 500 hectares, and will create numerous direct and indirect jobs.
Armenia is looking to increase the share of renewables in its energy mix and reduce its dependence on imported oil and gas. The country also has significant solar energy potential, with an average annual solar energy flow per square metre of horizontal surface of around 1,720 kWh, compared with the average European figure of 1,000 kWh.
David Papazian, CEO of ANIF said: “We are glad to welcome Masdar into Armenia’s journey towards the decarbonisation of the country’s energy supply. Ayg-1 is an ambitious step towards the fulfillment of this goal, and Masdar’s expertise and experience in the field is key to the success of the project.”
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