Masdar seeks EBRD financing for 200-MW solar project in Armenia

The European Bank for Reconstruction and Development (EBRD) is considering providing USD 47 million (EUR 44.6m) to support the realisation of a 200-MW solar farm project by the Abu Dhabi Future Energy Company PJSC, or Masdar, in western Armenia.

The borrower, a limited liability company incorporated in Armenia and 85% owned by Masdar, is seeking a secured limited recourse project finance facility of up to USD 41 million coupled with a concessional loan of up to USD 6 million by the Clean Technology Fund.

The funds will be used to finance the development, design, construction and operation of a facility to be located in the towns of Talin and Dashtadem of the Aragatsotn Region, according to notices published on the EBRD website on Tuesday.

The project, whose total cost is estimated at USD 186.6 million, will be the second utility-scale private power generator in Armenia which currently houses only small-scale private capacity of intermittent generation. Upon commissioning, it is expected to reduce carbon dioxide emissions by up to 169,000 tonnes annually.

The concept for the Ayg-1 Solar Power Plant project is currently under review, with a final decision on the financing expected on November 28, 2023, according to the EBRD website.

(USD 1 = EUR 0.947)

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