Masdar to develop 400MW solar capacity in Armenia

The $300-320m investment will help Armenia reach its 30% renewables target by 2025

Abu Dhabi renewable energy company Masdar has entered into an agreement with the Armenian National Interests Fund (ANIF) to develop solar projects with a combined capacity of 400MW in Armenia, the Emirates' WAM news agency said.

The $300-320m investment will help Armenia reach its target to generate 30% of its power from renewable sources by 2025. The country today has some 2.8GW in installed power capacity based on nuclear, hydro and natural gas, and has the potential to integrate as much as 1GW of solar energy, the agency said.

The first project planned under the agreement is a 200MW PV plant in the west of Armenia using bifacial solar panels.

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"Armenia is a fast-growing economy with an increasingly open and supportive environment for inward investment," said Masdar chief executive Mohamed Jameel Al Ramahi.

"That is an important reason why we have been able to move forward in our partnership with ANIF so swiftly."

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