December 2 (Renewables Now) - The Abu Dhabi Future Energy Company, better known as Masdar, has partnered up with the Armenian National Interests Fund (ANIF) for the development of 400 MW of solar projects in Armenia.
Under the terms of the joint development agreement (JDA), the parties will invest between USD 300 million (EUR 272.3m) and USD 320 million in the Armenian economy. Their first project is a 200-MW utility-scale solar photovoltaic (PV) plant in the western part of the country that will utilise bifacial modules.
This agreement follows the signing of a memorandum of understanding (MOU) in July 2019 for the development of 500 MW of renewable energy capacity, Masdar stated.
Armenia offers good conditions for the development of solar projects as it gets an estimated 1,720 kWh of solar energy per square meter versus 1,000 kWh in Europe. The country also has more than 200 rivers and lakes suitable for floating PV arrays, Masdar said.
Currently, the country has 50 MW of solar generating capacity in operation, 250 MW of projects with licences for construction and 700 MW of planned solar developments.
(USD 1 = EUR 0.908)