May 21 (Renewables Now) - A 55-MW solar photovoltaic (PV) project in Armenia, proposed by FRV Masrik CJSC, could receive up to USD 41 million (EUR 36.8m) in debt from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).
The EBRD said it is reviewing a request to extend a USD-20.3-million portion of the long-term debt through grant financing from the European Union's Neighbourhood Investment Platform. In a disclosure published on Friday, the lender indicates that the loan has passed concept review and is pending final review, with a target board date set for July 10, 2019.
The funds will be allocated to special purpose vehicle FRV Masrik, a joint venture of Spanish firms FRV La Providencia SL and FSL Solar SL, with stakes of 75% and 25% respectively. The sum will go for the development, construction and operation of the solar park in Masrik municipality, Gegharkunik province.
The overall investment needed for the project is estimated at USD 57 million.
(USD 1.0 = EUR 0.896)