Construction of "Masrik 1" Solar Station Postponed for Another Year

Construction of "Masrik 1" Solar Station Postponed for Another Year

The construction of "Masrik-1" solar photovoltaic power plant was postponed for another year; this resolution decision was adopted at the session of the RA government held on October 26.  The construction deadline of "Masrik 1" station was extended until September 1, 2023.

In case of not completing the construction works within the extended period, the company had to pay an additional irrevocable guarantee amount of 1 million USD.

Consortium of Dutch "Photovatio Renewable Ventures" B.V. and Spanish "FSL Solar" S. L. failed to complete the construction of the station within the specified period. The delays and slowdown of the works were caused by the Azerbaijani aggression on the territory of the Republic of Armenia, which unleashed on September 13, 2022. The Armenian government met the consortium's request and agreed to set a new deadline for the construction of the station on October 31, 2024. The penalty must be paid after the date of actual commercial operation. 7% annual interest applies to that amount.

The sum of the second additional guarantee provided in the same format is 1,000,000 (one million) USD instead of US $ 500,000 (five hundred thousand).

The date of commercial operation for extended another month setting it on December 1, 2024.


October 26, 2023 at 16:47

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