Masrik-1 solar power plant in Armenia to be commissioned in 2024

YEREVAN, May 7. /ARKA/. The  largest utility-scale solar power plant in Armenia, located in Mets Masrik community in Gegharkunik region is expected to be commissioned in 2024, Karen Asatryan, director of the Renewable Resources and Energy Efficiency Fund, an affiliation of the Ministry of Territorial Administration and Infrastructures, told a news conference on Friday.

The 55 MW solar power plant, the first-of-its-kind in the country, will help boost Armenia’s supply of renewable energy while reducing its dependence on fossil fuels.

The facility will produce enough clean energy to supply more than 20,000 homes and avoid the emission of over 40,000 tons of CO2 annually. 

Masrik-1 solar power plant will generate more than 128 gigawatt-hours of electricity annually at a competitive tariff. The electricity will be sold under a power purchase agreement to Electric Networks of Armenia, the utility company responsible for distribution of electricity in the country.

The solar plant is being constructed by Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a leading global developer of renewable energy projects.

The project is supported by the International Finance Corporation, a member of the World Bank Group, the European Bank for Reconstruction and Development and the European Union. They will extend up to USD 38.4 million financing structured in different tranches of debt. Ameriabank will provide AMD loan facility to finance company’s VAT needs. 

Asatryan said also that the winner of a tender announced for the construction of a 200 MW Aig-1 solar power plant in Aragatsotn province will be announced in a few months.  Three companies- HydroChina Corporation, Gazprom Energoholding LLC and Abu Dhabi Futures Energy Company CJSC have passed the pre-qualification round. -0-