FRV partners with IFC, EU for 55-MW PV project in Armenia

Spain-based Fotowatio Renewable Ventures (FRV) has teamed up with the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the European Union (EU) to finance the development of a 55-MW solar project in Armenia.

The company that is part of Abdul Latif Jameel Energy will get a USD-35.4-million (EUR 30.9m) debt financing package consisting of two USD 17.7 million long-term loans from IFC and the EBRD. The EU will allocate a EUR-3-million investment grant through EBRD, FRV said today.

To be located in Mets Masrik municipality, Gegharkunik province, the photovoltaic (PV) installation will be the first utility-scale solar power plant in Armenia and in the Caucasus. When completed, the PV park is expected to generate over 128 GWh of clean power per year, enough to offset around 40,000 tonnes of carbon emissions annually. The solar project also includes a 9-km transmission line.

The Marsik solar plant output will be sold under a power purchase agreement (PPA) with Electricity Networks of Armenia, the domestic utility in charge of electricity distribution, FRV noted.

(USD 1 = EUR 0.874)

Choose your newsletter by Renewables Now. Join for free!