Abu Dhabi: UAE-government owned renewable energy company Masdar (Abu Dhabi Future Energy Company) will support the Government of the Republic of Armenia by developing a 200-megawatt (MW) solar photovoltaic (PV) plant in the country.
Named ‘The Ayg-1 Project”, the undertaking is expected to be the largest utility-scale solar plant in Armenia.
The deal (Government Support Agreement – GSA) was signed by Armenian Minister of Territorial Administration and Infrastructure, Mr. Gnel Sanosyan and Mr. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar at Armenia’s national capital, Yeravan.
Speaking on the occasion, Mr. Gnel Sanosyan remarked that, “The gradual increase of renewable sources in our country’s energy system is one of the priorities set by the Government of Armenia. We regard this cooperation with Masdar as an important step towards this goal, as well as towards endorsing Armenia’s investment potential. The Ayg-1 industrial 200 MW solar plant project is a milestone on this road. We expect the signing of this document to mark the start of a fruitful and lasting cooperation on this and for new upcoming projects.”
The Ayg-1 Project will be developed on a design, finance, build, own, and operate (DFBOO) basis. Masdar, a subsidiary of Mubadala Investment Company will own 85 percent of the Project Company with the Armenian National Interests Fund, (ANIF, a government owned investment vehicle) holding the rest.
This agreement marks a milestone on Armenia’s clean energy journey, and the development of this project will support the nation’s sustainable economic development. We look forward to working with the Armenian National Interests Fund on further opportunities in this field, and leveraging the experience we have gained as a global leader in renewable energy projects to support the diversification of Armenia’s energy mix.
Mr. Al Ramahi said while speaking about the deal.
Located between the Talin and Dashtadem communities of Armenia, the Ayg-1 Plant will span over 500 hectares, and is expected to generate numerous direct and indirect jobs.
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