- Press Releases
November 26 (Renewables Now) - Abu Dhabi’s renewable energy company Masdar on Friday said it has signed an agreement with the government of Armenia to develop the 200-MW Ayg-1 solar photovoltaic (PV) project.
The signing of the government support agreement (GSA) in Yeravan today comes after in July Masdar won a tender for the project with a bid of USD 0.0290 (EUR 0.026) per kWh.
Ayg-1, which will be the country’s largest solar plant, will be developed on a design, finance, build, own and operate (DFBOO) basis. Masdar will own 85% of the project company, while the remaining 15% will be held by the Armenian National Interests Fund (ANIF).
The solar park will be built between the Talin and Dashtadem communities on over 500 hectares (1,235 acres) of land unsuitable for agricultural use.
The project supports Armenia’s aim to increase the share of renewables in its energy mix and lower its reliance on imported oil and gas, while making use of its solar energy potential.
(USD 1 = EUR 0.886)