The 200-megawatt (MW) plant will be located in the Talin and Dashtadem communities of Armenia, in an area where solar radiation is both high and land is unusable for agriculture. The plant will span over 500 hectares, and will create numerous direct and indirect jobs. The tender was part of the Joint Development Agreement signed between Masdar and ANIF in November 2019, to develop renewable energy projects with a total capacity of 400MW in Armenia. Further discussions are underway on the development of the remaining 200MW. The Armenian Government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019.
The project will be developed on a design, finance, build, own, and operate (DFBOO) basis and the project company will be 85 per cent owned by Masdar, with the Armenian National Interest Fund (ANIF) holding 15 per cent. Masdar enters an exciting new phase in our collaboration with our partners at ANIF and with the Armenian government. This is a vital stage in Armenia’s clean energy journey. Low-cost solar energy will help power new industries generate jobs and set the country on the path to a prosperous and truly sustainable future. This is by far the largest single foreign investment in green energy in the region and the second-largest foreign direct investment in the history of modern Armenia.