Masdar wins tender for Armenian solar energy project

The Armenian Government had implemented an international tender following Masdar’s initial offer of US$0.0299/kWh in December 2019. After a competitive process, Masdar submitted a final price of US$0.0290/kWh.

The 200 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 agricultural purposes.

The project will be developed on a design, finance, build, own, and operate (DFBOO) basis and the project company will be 85% owned by Masdar, with the Armenian National Interest Fund CJSC (ANIF) holding 15%.

Approximately US$174 million will be invested, with a new substation also built. The plant will span over 500 ha., 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 400 MW in Armenia. Further discussions are underway on the development of the remaining 200 MW.

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