Masdar and the Armenian National Interests Fund (ANIF) entered into a formal agreement to develop 400 MW of solar PV capacity in Armenia. The official agreement signing ceremony for the joint development attended the president Armen Sarkisyan. According to an agreement, a clean energy developer will lead to “an investment of between $300 million and $320 million.” The first project is the construction of 200 MW solar plant in western Armenia, using bipolar technology to generate electricity through both direct and reflected sunlight.
Armenia’s cumulative installed capacity is about 2.8 GW, spread equally across nuclear, hydro and gas power plants. However, given an anticipated increase in electricity demand, the country is now trying to exploit renewable energy sources and ease its dependence on imported fuel. The government has therefore pledged to generate 30% of its electricity from renewable energy systems by 2025, with “the potential to integrate as much as 1,000 MW of solar energy,” according to ANIF.
Armenia receives an estimated 1,720 kWh of solar energy per square meter, while many of its 200-plus rivers and lakes are also suitable surfaces for floating PV projects. In the original MOU, outlined the construction of 100 MW of floating solar.

Today, Armenia has about 50 MW of solar capacity in operation, with another 250 MW approved for construction and noting that an additional 700 MW is planned for development.