The Eurasian Development Bank (EDB) will contribute up to US$37 million in order to help finance the building of 11 solar projects in Armenia's Gegharkunik and Aragatsotn regions, which will have a combined capacity of up to 65 MW.
The energy policy of the Armenian government places a high priority on the research and development of renewable energy sources. Renewable energy sources lessen the nation's reliance on fossil fuels, all of which are brought in from outside the country.
All the facilities are scheduled to be commissioned this year. The return on investment will come from payments made to Electric Networks of Armenia in accordance with contracts for the sale of power between the borrower and another party.
Country updates
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November 30, 2021
Masdar signs deal with Armenia for 200 MW solar project in Aragatsotn
Abu Dhabi’s renewable energy company Masdar has signed an agreement with the Government of Armenia for the development of the 200 MW Ayg-1 solar photovoltaic project. The Armenian go...
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July 12, 2021
Masdar wins tender for 200 MW Solar PPP project in Armenia
The Government of Armenia has officially selected Masdar, one of the world’s leading renewable energy companies, as the winning bidder for the tender for a 200 MW utility-scale solar project.
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March 31, 2021
FRV reaches financial close on 55 MW Masrik-1 solar project in Gegharkunik
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy has closed the financing agreement for the development of the largest utility-scale solar power plant located in Mets Masrik munic...
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July 17, 2020
FRV secures financing from EU, IFC and EBRD for the 55 MW Masrik-1 solar project in Gegharkunik
International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Union (EU) have signed on to support the development of the 55 MW Masrik-1 solar...
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June 05, 2020
RFQ launched for solar power plant in Aragatsotn marz
The Government of the Republic of Armenia has launched a request for qualifications (RFQ) seeking private investors to develop a grid-connected 200 MW solar PV power plant located betwe...
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