Today on July 18, 2018, an Agreement for Construction of Masrik-1 Solar Plant Agreement is signed with the consortium selected by Armenia Renewable Resources and Energy Efficiency Fund (the R2E2 Fund).
The Government Support Agreement for “Design, Finance, Build, Own and Operate Masrik-1 solar photovoltaic (PV) Power Plant at municipality of Mets Masrik in the Gegharkunik Marz (Region) Armenia” is executed between the Government of the Republic of Armenia and FRV MASRIK CJSC (as the Developer) and FOTOWATIO RENEWABLE VENTURES B.V, – FSL SOLAR S.L. (as the Sponsor), the Netherlands in the Ministry of Energy Infrastructures and Natural Resources of the Republic of Armenia.
To launch a Utility-Scale Solar Power Project (the Porject), a Grant Agreement was signed between the Republic of Armenia and the International Bank for Reconstruction and Development (EBRD) in 2015.
As a result of tender conducted by the R2E2 Fund under the Project, the lowest tariff was proposed by the Consortium comprised of the leading international companies: Fotowatio Renewable Ventures B.V, Netherlands (Lead Sponsor)- FSL Solar S.L., Spain (Anchor Sponsor). The proposed tariff is 0.0419 USD excluding VAT (about 20 AMD).
The final results indicate that the Solar PV development today in Armenia may compete successfully with other branches of the energy sector, has a higher weight in the energy balance of the country and may boost progress in energy security and independence of Armenia.