ENERGO: UAE's Masdar signs contract for 200-MW solar plant in Armenia

The UAE-based firm Masdar has signed contracts to develop a 200-MW photovoltaic (PV) solar plant in the Republic of Armenia.

The government support agreement was signed by Gnel Sanosyan, Armenia’s minister of territorial administration and infrastructure, and Mohamed Jameel al-Ramahi, CEO of Masdar, at a ceremony in the Armenian capital city of Yerevan.

In July, Masdar was selected as the winning bidder for the 200-MW independent power producer (IPP) project with a tariff of $0.0290/kWh.

The clean energy firm had initially submitted a bid of $0.0299 for the Ayg-1 project in December 2019, but managed to reduce the tariff to $0.0290/kWh before the contract was finalised.

The 200-MW solar PV project will be located in the Talin and Dashtadem areas of Armenia. The IPP project will be developed under a design, finance, build, own and operate (DFBOO) model, with Masdar owning an 85% stake in the project company established to deliver the company. ANIF will hold the remaining 15%.