The financing agreement for the development of the largest utility-scale solar power plant in Armenia has been closed, as “America Bank” Press Center informs, which will support the project implementation by financing VAT needs.
The company to construct the station, Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, will receive support by supported by the International Finance Corporation (IFC), a member of the World Bank Group, the European Bank for Reconstruction and Development (EBRD) and the European Union (EU). They will extend up to USD 38.4 million financing structured in different tranches of debt.
As we know the largest utility-scale solar power plant in Armenia will be located in Mets Masrik municipality, Gegharkunik region, the 55 MW solar power plant is the first-of-its-kind in the country, whereas the Armenian government has alienated 32.6591 ha of area for this project with its decision 326-L dated on 29 March 2019.
““Masrik-1” solar power plant will generate more than 128 gigawatt-hours of electricity annually at a competitive tariff of 41,9 USD/MWh. The electricity will be sold under a power purchase agreement to Electric Networks of Armenia, the utility company responsible for distribution of electricity in the country. The plant will produce enough energy to supply more than 20,000 Armenian households and is projected to avoid the release of over 40,000 tons of carbon emissions annually,” the bank press release says.
It should be added that the area of the station will be 128.3 hectares. It will build a 9.2 km long 110 kV overhead line from "Masrik 1" substation to "Kaputak" and "Akunq" overhead transmission lines. What the risks of this program might be has not been sufficiently discussed and presented. In particular, the issue concerns the waste generated by the operation of the plant, the pastures taken from the community for the plant.
March 26, 2021 at 17:39