Masdar, ANIF join hands to pursue 400 MW of solar power projects in Armenia

Abu Dhabi Future Energy Company, better known as Masdar, has signed a joint development agreement (JDA) with the Armenian National Interests Fund (ANIF) to develop solar power projects with a total capacity of 400 MW in Armenia, an investment of between US$300 million and US$320 million into the Armenian economy. 

The event follows the signing of a memorandum of understanding (MoU) in July between Masdar and ANIF for the origination, development, construction, operation, and maintenance of renewable power plants, including fixed and floating solar PV and wind energy.

Armenia has pledged to generate 30 percent of its electricity from renewable sources by 2025 and has the potential to integrate as much as 1,000MW of solar energy. Today it has around 2,800MW of installed power capacity, evenly distributed between nuclear, hydro and thermal generation from imported natural gas.

Armenia receives an estimated 1,720 kilowatt-hours (kWh) of solar energy per square meter, compared with an average of 1,000kWh per square meter in Europe. Many of Armenia’s 200-plus rivers and lakes are also suitable for floating solar power projects.

Armenia has small and mid-size solar PV plants already in operation, with a combined capacity of 50MW, another 250 MW worth of solar projects licensed for construction, and a total of 700 MW planned.

A full member of the Masdar City-headquartered International Renewable Energy Agency (IRENA) since 2010, Armenia has pledged to generate more than a quarter of its domestic power needs from renewable sources and hopes to cap its carbon emissions at 633 million metric tons of CO2 equivalent between 2015 and 2050.