Yerevan, Armenia's capital city. Image by David Mark from Pixabay

The government of Armenia has selected UAE-headquartered clean energy company Masdar as the winner of a 200 MW utility-scale solar project tender.

The tender was part of the Joint Development Agreement signed between Masdar and Armenian National Interest Fund CJSC (ANIF) in November 2019, to develop renewable energy projects with a total capacity of 400MW in Armenia.

ANIF chief executive David Papazian said: “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.”

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Masdar chief executive Mohamed Jameel Al Ramahi 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.”

The 200MW 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.

It will be developed on a design, finance, build, own, and operate basis and the project company will be 85% owned by Masdar, with ANIF holding 15%.

Around $174 million will be invested, with a new substation also to be built. The plant will span over 500 hectares, and will create numerous direct and indirect jobs.

Further discussions are underway between stakeholders on the development of the remaining 200MW.