FRV makes renewable energy history in Armenia

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has made history by securing the contract to build and operate one of the first large-scale solar power plants in Armenia.

The deal – awarded the competitive tender by the Armenia Renewable Resources and Energy Efficiency Fund (R2E2) – has also generated praise from the World Bank, will see a consortium led by FRV deliver the ‘Masrik-1’ 55 MW solar power plant at a tariff of US$ 0.0419/kWh.

 

The plant, which is located near Mets Masrik and Vardenis in the Gegharkunik Province of Armenia and covers a land area of approximately 100 hectares – the size of 150 soccer fields combined – will begin construction in early 2019 and be operational towards the end of 2020.

Around 300 local jobs will be created as part of the construction phase and during its 20-year lifetime, Masrik-1 will offset one million tons of carbon dioxide and create short- and long-term jobs.

Sylvie Bossoutrot, World Bank Country Manager for Armenia, said: “The Masrik-1 solar power plant is a pioneering project for Armenia, as well as for the South Caucasus region, and an exciting opportunity for the country to further develop its renewable energy potential.”

Roberto de Diego Arozamena, Chief Executive Officer of Abdul Latif Jameel Energy, said:

“Armenia’s growing focus on renewable energy presents numerous opportunities for Abdul Latif Jameel Energy. It further expands our global footprint and shows that more and more countries around the world are rightly focusing on clean energy.

With countries such as Saudi Arabia putting in place initiatives such as the National Renewable Energy Program, under which the country plans to build a solar project that can supply 9.5 gigawatts of energy, there remains huge potential in renewable energy globally.”

This year alone Abdul Latif Jameel Energy has announced it has been awarded a 540 GWh hybrid solar-wind project in Chile; secured financing for a Mexican solar farm that will power 150,000 homes; and announced it is supporting the launch of Jordan’s first nanosatellite.

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