Financing of "Masrik-1" Solar Photovoltaic Station Completed

29 Mar 2021

"America Bank" will support the project implementation by financing VAT needs.

The financing agreement for the development of the largest utility-scale solar power plant in Armenia has been closed․ The company to construct the station, Fotowatio Renewable Ventures (FRV) will receive support 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 financings 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 the 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.