According to an agreement signed by the company with the Armenian government
Masdar develops largest solar power plant in Armenia
The agreement was signed during a ceremony in the Armenian capital Yerevan.
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The Abu Dhabi Future Energy Company (Masdar) announced yesterday that it has signed an agreement with the Armenian government to develop a 200 megawatt Ig-1 solar photovoltaic power plant, making the project the largest utility-scale plant in Armenia.
The government support agreement was signed, during a ceremony in the Armenian capital, Yerevan, by the Armenian Minister of Regional Administration and Infrastructure, Genel Sanossian, and the CEO of "Masdar", Muhammad Jamil Al-Ramahi.
The beginning of cooperation
The Armenian Minister of Regional Administration and Infrastructure, Genel Sanosyan, said that the 200 MW IG-1 solar power plant is one of the prominent projects that contribute to supporting the achievement of Armenia's goals and enhancing investment opportunities in it.
He added, "We expect that signing this agreement with (Masdar) will mark the beginning of a fruitful and lasting cooperation, whether in the completion of this station or other new projects in the future."
Economic opportunities
For her part, Chargé d'Affairs at the UAE Embassy in Armenia, Ahlam Rashid Ahmed Al Abd Al Salami, said that the agreement will contribute to strengthening the strong relations between the UAE and Armenia.
She added: "The UAE and Armenia are consistent in their commitment to take effective measures to confront climate change, in parallel with providing several economic opportunities in this field, as this project represents an important part of Armenia's efforts to expand its dependence on clean energy, and we look forward through the success of this project to Increasing cooperation between the two countries in the field of clean energy.
In addition, the CEO of the National Interests Fund in Armenia, David Papazian, said that Masdar's expertise and experience are key to the project's success, pointing out that AIJ-1 is set to become one of the most prominent investment projects in the country, and is expected to benefit the people. Armenia, its residents and project investors, with a commitment to implement the highest standards of sustainability applicable within the clean energy sector.
Masdar's experience
In the same context, the CEO of "Masdar", Mohamed Jamil Al Ramahi, said that the agreement is an important step in Armenia's path to transition towards clean energy, and the project contributes to advancing sustainable economic development in the country.
"We look forward to expanding the scope of cooperation with the Armenian National Interests Fund in this field, and to harnessing our global expertise in the renewable energy sector to support the diversification of Armenia's energy mix," he added.
The developing company is 85% owned by Masdar.
The development of the project includes design, financing, construction, ownership and operation, and the developing company will be 85% owned by “Masdar”, while the “Armenian National Interests Fund” will own 15%.
The IG-1 plant will be built between the cities of Tallinn and Dashtdam in Armenia, in an area with abundant sunshine and on uncultivable land.
The station project extends over an area of more than 500 hectares, and would provide many jobs, either directly or indirectly.
The Armenian government announced last July that "Masdar" won the tender to develop the plant project, after offering a competitive price for the cost of electricity production at a value of 2.9 cents / dollars per kilowatt-hour.
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