EBRD and IFC to co-finance 55 MW Masrik solar project in Armenia

The European Bank for Reconstruction and Development (EBRD) together with the International Finance Corporation (IFC) has supported the development, construction and operation of a PV plant with an installed capacity of 55 MW located in the Masrik municipality, Gegharkunik Province, Armenia with up to US$41 million as long-term debt. Total project costs are about US$57 million. The EBRD will mobilize grant financing from the European Union's Neighbourhood Investment Platform (NIP).

The client FRV Masrik Closed Joint Stock Company is a Special Purpose Vehicle established for the development of the Masrik solar power plant. The company is 75 percent owned by FRV La Providencia, S.L., and 25 percent owned by FSL Solar, S.L.