Masdar to develop Armenia’s largest solar power plant

By Energy Connects

Nov 28, 2021

The Government Support Agreement (GSA) was signed by Gnel Sanosyan, Minister of Territorial Administration and Infrastructure of the Republic of Armenia and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. (Photo courtesy of Masdar).

Masdar, a subsidiary of Mubadala Investment Company, will develop a 200-megawatt (MW) solar photovoltaic (PV) plant under the name of “Ayg-1” to become Armenia’s largest utility-scale solar plant.

The Ayg-1 project will be developed on a design, finance, build, own, and operate (DFBOO) basis and the project company will be 85 percent owned by Masdar, with the Armenian National Interests Fund (ANIF) holding 15 percent, the company said in a statement.

"Ayg-1 is an ambitious step towards the fulfillment of this goal, and Masdar's expertise and experience in the field is key to the success of the project,” said David Papazian, Chief Executive Officer of ANIF. He added that the “Ayg-1 is set to become a highly visible investment project, benefitting the country, its citizens and investors, while committing to highest sustainability standards in the industry." 

Masdar was announced the winning bidder for the project, in July. The company submitted a tariff of US$0.0290 per per kilowatt-hour (kWh) in a competitive process. The project will span over 500 hectares.

The Ayg-1 plant will be located in an area where solar radiation is high and land is unusable for agricultural purposes.