The 200-MW solar plant in Armenia’s Aragatsotn province budgeted at $174 million will be built by 2025, informs Acting Deputy PM Tigran Avinyan.
Masdar will own 85% of the project vehicle, while the remaining 15% will be held by the Armenian National Interest Fund CJSC (ANIF), said Avinyan.
“The program also contains a social component, 320 million AMD (around $650,000) will be provided to the two communities whose territories will host the solar park,” added Avinyan.
The 200-MW solar plant will use an area of roughly 500 hectares that is not suitable for agricultural development. It is set to become the largest utility-scale solar complex in the country installed in the Talin and Dashtadem of communities of the Aragatsotn province.
In December 2019, UAE’s Masdar which is one of the world’s leading renewable energy companies placed the winning bid in a government tender and was selected as the winning bidder on July 6, 2021 by the Government of Armenia.