Masrik solar plant, Armenia
Name of the Project
Masrik solar plant.
Location
The project will be located in Mets Masrik municipality, Gegharkunik province, Armenia.
Project Owner/s
Fotowatio Renewable Ventures (FRV), a subsidiary of Abdul Latif Jameel Energy.
Project Description
Nearly 70% of Armenia’s electricity generation depends on imported fossil fuels.
The project involves the construction of the first utility-scale solar power plant in Armenia, which is also the first for the Caucasus region, and a 9 km transmission line.
The 55 MW Masrik solar plant is expected to generate more than 128 GWh/y of electricity.
The electricity will be sold under a power purchase agreement with Electricity Networks of Armenia. The project will displace 40 000 t/y of carbon dioxide emissions.
Potential Job Creation
Not stated.
Capital Expenditure
FRV will receive a $35.4-million debt financing package comprising two $17.7-million long-term loans, one each from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The project will also receive a €3-million investment grant from the European Union, arranged by the EBRD.
The IFC financing package includes an $8.9-million loan from IFC’s own account and an $8.9-million loan from the Finland-IFC Blended Finance for Climate Program.
Planned Start/End Date
Not stated.
Latest Developments
None stated.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
FRV, Estela de Diego, email estela.dediego@frv.com.
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