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.
Country updates
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May 30, 2019
250 MW gas-fueled combined cycle project achieves financial close
RENCO and Siemens Power Ventures have achieved financial close on the 250 MW gas-fueled combined cycle electricity station in Yerevan, Armenia. The companies have closed US$260 million of debt. ...
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November 01, 2018
Armenia selects RENCO to build 250 MW combined cycle project
The Cabinet has approved the amended framework agreement between the Government of Armenia, ArmPower CJSC and RENCO S.p.A. on designing, developing, funding, constructing, owning under property right,...
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July 05, 2018
FRV to build Masrik-1 solar project in Gegharkunik
Fotowatio Renewable Ventures (FRV) together with its unit FSL Solar will build the 55 MW Masrik-1 solar photovoltaic project located Masrik, Gegharkunik province, Armenia. The com...
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May 15, 2018
The government of Armenia has issued a letter of award (LoA) to Fotowatio Renewable Ventures (FRV) and its unit FSL Solar for the construction of the project
The government of Armenia has issued a letter of award (LoA) to Fotowatio Renewable Ventures (FRV) and its unit FSL Solar for the construction of the project. Construction is expected to start later this year and be completed by 2020
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April 09, 2018
Fotowatio wins Armenia's first solar project
The Ministry of Energy Infrastructure and Natural Resources of the Government of Armenia has announced that Fotowatio Renewable Ventures (FRV) has been selected as the winnin...
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