Abu Dhabi – Mubasher: The Abu Dhabi Future Energy Company (Masdar) has signed a deal with the Armenian National Interests Fund (ANIF) to develop solar energy projects with a total capacity of 400 MWs, at an investment value ranging from $300 million to $320 million.
Both of the CEO of Masdar, Mohamed Jameel Al Ramahi, and the CEO of ANIF, David Papazian, have inked a joint development agreement (JDA), Masdar recently disclosed via its official account on Twitter.
The agreement follows the Memorandum of Understanding (MoU) that was inked in July 2019 between the two entities for the construction, development, building, operation, and maintenance of renewable power plants, including fixed and floating solar photovoltaic (PV) and wind energy projects, the UAE News Agency (WAM) said.
As planned, the first project will be a 200MW- utility-scale PV solar energy plant that will be implemented in the west of Armenia, using the most advanced technologies of bifacial solar panels to produce electricity through direct and reflected sunlight.
Armenia aims to generate around 30% of its electricity through renewable sources by 2025 and produce about 1000 MW of solar energy. Currently, Armenia generates around 2800 MW of installed power capacity divided between nuclear, hydroelectric, and thermal powers from imported natural gas.
In Armenia, estimates show that around 1720 kilowatt-hours (kWh) of solar energy per every square metre can be generated, as compared to an average of 1000 kWh per every square meter across Europe.
