Masdar, one of the world's leading renewable energy companies, has signed a formal agreement with Armenia's National Interest Fund to develop 400 megawatt solar projects in the country with an investment value of $ 300 million to $ 320 million.
Armin Sarkisian, President of the Republic of Armenia, and Suhail bin Mohammad Faraj Faris Al Mazrouei, Minister of Energy and Industry, witnessed the signing of a joint development agreement in this regard by Mohammed Jamil Al Ramahi, CEO of Masdar, a Mubadala Investment Company, and David Papazian, CEO of the National Interest Fund. At a special ceremony held today in Abu Dhabi, Armenia, a state-owned foreign direct investment company, signed a joint development agreement.
The signing of the agreement follows the conclusion of a memorandum of understanding last July between Masdar and the National Interest Fund of Armenia to establish, develop, build, operate and maintain renewable energy plants, including fixed and floating photovoltaic and wind power projects.
The first project planned under the agreement will be a solar photovoltaic power plant within the service facilities with a production capacity of up to 200 megawatts to be implemented in western Armenia and the latest two-sided solar panel technology will be used to produce electricity through direct and reflected sunlight.
Armenia aspires to generate more than 30 per cent of its energy needs through renewable sources by 2025 and produce up to 1,000 megawatts of solar energy.
Armenia currently produces about 2,800 megawatts of installed electricity, distributed equally between nuclear power, hydropower and thermal generation from imported natural gas.
It is estimated that about 1,720 kilowatt hours of solar energy per square meter can be generated in Armenia, compared to 1000 kilowatt hours per square meter on average for electricity generation in the rest of the European continent. The country has more than 200 rivers and lakes suitable for projects in the field of Floating Solar Power.
Mohammed Jamil Al-Ramahi, CEO of Masdar, stressed the importance of the agreement signed today with the National Interest Fund of Armenia in the presence of His Excellency President Armen Sarkissian and senior management of Mubadala, stressing that this step reflects Masdar's commitment to contribute to achieving the objectives of Armenia in the field of sustainable energy.
“Armenia has a fast-growing economy and an open and supportive environment for investment, which has enabled us to continue our partnership with the National Interest Fund of Armenia,” he said.
“As a leading global renewable energy company with operations in more than 25 countries and several projects in Central Asia, Masdar has extensive experience in developing commercially viable solar, wind and waste-to-energy projects. "This agreement represents an important platform for the exchange of experiences with our partners in Armenia, which has great potential that can be effectively exploited in the fields of solar and wind energy."