July 15 (Renewables Now) - Armenian National Interests Fund (ANIF) on Friday signed a memorandum of understanding (MOU) with Abu Dhabi Future Energy Company, better known as Masdar, for the development of 500 MW of renewable energy capacity.
Under the MoU, the state company and Masdar will pursue together the installation of 100 MW of floating solar photovoltaic (PV) capacity, 200 MW of normal PV and 200 MW of onshore wind in Armenia.
The country, with its more than 200 rivers and lakes, offers good conditions for the development of floating solar power projects. It also enjoys wind speeds of 8.5 m per second and above and an estimated 1,720 kWh of solar energy irradiation per sq m.
"As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy," Masdar CEO Mohamed Jameel Al Ramahi said.
Currently, the country aims to have renewables accounting for 26% of its domestic power needs by 2025.