UAE’s Masdar Picked to Develop $174M Solar Project in Armenia
Energy project will be developed on a design, finance, build, own, and operate basis with Masdar holding a 85% stake.
The Government of Armenia has selected Abu Dhabi-based clean power major Masdar as the winning bidder for the tender for a utility-scale solar project.
The 200-megawatt (MW) plant will be located in the Talin and Dashtadem communities of Armenia, in an area where solar radiation is both high and land is unusable for agricultural purposes.
Around $174 million will be invested, with a new substation also built. The plant will span over 500 hectares, and will create numerous direct and indirect jobs, a statement said.
The tender was part of an agreement signed between Masdar and ANIF in November 2019 to develop renewable energy projects with a total capacity of 400MW in Armenia. Further discussions are under way on the development of the remaining 200MW.
The project will be developed on a design, finance, build, own, and operate basis and the project company will be 85 percent owned by Masdar, with the Armenian National Interest Fund (ANIF) holding 15 percent, the statement added.
Mohamed Jameel Al Ramahi (pictured above), CEO of Masdar, said: “By winning the tender for Armenia’s biggest utility-scale solar project, Masdar enters an exciting new phase in our collaboration with our partners at ANIF and with the Armenian government.
“This is a vital stage in Armenia’s clean energy journey – low-cost solar energy will help power new industries, generate jobs and set the country on the path to a prosperous and truly sustainable future.”
David Papazian, CEO of ANIF, added: “From chairman down, we have worked very hard to finalize this deal. It feels like it has been ages that we are working on this process, but we realise that this is by far the largest single foreign investment in green energy in the region and the second largest foreign direct investment in the history of modern Armenia.
“We are both lucky and proud to have Masdar as our partner in this most crucial phase of Armenia’s energy mix diversification and evolution to towards renewables.”
Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia and Uzbekistan.
Source: arabianbusiness
