Renewable energy company Masdar has teamed up with the Armenian National Interests Fund (ANIF) to develop a significant solar strategy in the Eurasian country.
Projects with a capcity of 400MW will inject up to $320million into the Armenian economy.
Mohamed Jameel Al Ramahi, CEO of Masdar, a Mubadala company, and David Papazian, CEO of ANIF, a state-owned foreign direct investment vehicle, signed a joint development agreement (JDA) at a private ceremony in Abu Dhabi.
The agreement follows on the heels of a a memorandum of understanding inked by the two parties in July for the origination, development, construction, operation and maintenance of renewable power plants, including fixed and floating solar PV and wind energy.
“Armenia is a fast-growing economy with an increasingly open and supportive environment for inward investment,” said Al Ramahi.
“That is an important reason why we have been able to move forward in our partnership with ANIF so swiftly.
“As a global renewable energy leader active in more than 25 countries, and with a growing presence in Central Asia, Masdar has extensive experience in developing commercially successful projects in solar, wind, waste to energy and sustainable real estate.”
State-held news agency Wam reports that Armenia has small and mid-size solar PV plants already in operation, with a combined capacity of 50MW, another 250MW worth of solar projects licenced for construction, and a total of 700MW planned.
The first project planned under the JDA is a 200MW utility-scale solar photovoltaic (PV) plant in the west of Armenia that will use cutting-edge bifacial technology to produce electricity from both direct and reflected sunlight.
Armenia has pledged to generate 30% of its electricity from renewable sources by 2025 and has the potential to integrate as much as 1,000MW of solar energy.