UAE - Mubasher: Abu Dhabi-based Masdar has won a tender to build a 200-megawatt (MW) utility-scale solar project in Armenia.
The Armenian government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019, and following a competitive process, Masdar submitted a final price of $0,0290/kWh, according to a recent press release.
Around $174 million will be invested in building the project, with a new substation.
The project company will be 85% owned by Masdar, while the Armenian National Interest Fund (ANIF) will hold 15%.
To be located in the Talin and Dashtadem communities of Armenia, the plant will span over 500 hectares and will create various direct and indirect jobs.
The CEO of Masdar, Mohamed Jameel Al Ramahi, said: "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."
Meanwhile, the CEO of ANIF, David Papazian, commented: "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 realize 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."
