The UAE-based company will launch its’ first renewable energy project in Armenia within the framework of the “AYG-1” solar photovoltaic program, which provides a generation capacity of 200 MW for 2.90 cents per kWh.
A joint development agreement was signed between the State Interests Fund of Armenia and Masdar in 2019 and was aimed at the implementation of renewable energy projects with a total capacity of 400 MW.
The solar power plant will be located in Talin and Dashtadem communities. Masdar will remain the beneficiary of 85% of the shares of the program, and 15% of the shares will be held by the State Interests Fund of Armenia.
The construction of the solar plant will take 24 months. The cost of the project is estimated at $174 million and will be fully implemented by the Emirati side.