"Masrik-1" Solar Plant Not Built on Time, Developer To Pay Irrevocable Guarantee of $1 Million
The construction completion date of "Masrik-1" solar photovoltaic station has been extended by more than a year. The construction of the station was supposed to be completed on July 1, 2022. However, it has not yet been built. According to RA Government resolution N 997-A dated on June 30, 2022, the construction period of the station was extended until September 1, 2023.
According to the rationale of resolution N 997-А dated on June 30, 2022, the developer attributed the delay in the implementation of the project to the COVID-19 pandemic, as well as war operations, and proposed to extend the planned commercial operation date of the station on the basis of force majeure and unfavorable conditions.
Emphasizing the implementation of the construction project of Masrik-1 solar power plant, the executive reached an agreement with the developer to make amendments to RA government support agreement for the construction of "Masrik-1" solar power plant under new conditions. Accordingly, the developer will pay an additional security deposit of $1 million, which is irrevocable. It will be charged if the project is not completed within the new dates for any reason.
The tariff for electricity delivered from the station has been reduced to USD 0.0415 per kWh instead of the current USD 0.0419 without VAT.
It should be noted that positive conclusion BP 000061 of the environmental impact assessment report of "Masrik-1" solar plant was issued on 17.07.2019.
According to Article 20 (7) of RA Law "On Environmental Impact Assessment and Expertise", the expert assessment report loses its validity if the implementation of the planned activity does not start within one year after the expert assessment report was issued.
September 07, 2022 at 18:05