Masdar secures deal to develop ‘Armenia’s biggest utility scale solar project’

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The Armenian government’s decision to play hard-ball with emirati state-owned renewables developer Masdar has paid off to the tune of $0.0009 for each kilowatt-hour of clean energy to be generated by a planned 200 MW solar plant.

Having signed, in November 2019, a joint agreement with the developer to install 400 MW of clean power generation in Armenia, the authorities in Yerevan were so unimpressed with Masdar's suggestion of a $0.0299/kWh price for the power generated by the first project envisioned, that they put the bid out to tender.

Masdar, a subsidiary of UAE sovereign wealth fund the Mubadala Investment Company, has won the contract, but it will have to settle for $0.0290/kWh.

Masdar and the Armenian National Interest Fund which will hold a 15% stake in the solar park, said the $174 million project will span more than 500ha in the Talin and Dashtadem communities, will involve construction of a new electricity substation, and will create “numerous direct and indirect jobs.”


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