- Masdar has won 200 MW AC solar power tender in Armenia, offering the lowest bid of $0.0290 per kWh
- It will develop the project on 500-hectare land on DFBOO basis through a special purpose company
- The $174 million investment on the project will also see establishment of a new substation in Talin and Dashtadem regions
Masdar of Abu Dhabi has officially been announced the winner of a 200 MW AC utility scale solar tender Armenia launched in June 2020. The tender was organized through Armenia Renewable Resources and Energy Efficiency (R2E2) on behalf of the Ministry of Territorial Administration and Infrastructures (see 200 MW Solar Tender In Armenia).
Masdar had been given the opportunity to match the lowest winning bid, after it had offered to build this capacity with bifacial modules, for an initial price of $0.0299 per kWh in December 2019 when it signed a partnership with the Armenian National Interests Fund (ANIF) to collaborate on 400 MW capacity (see Masdar & ANIF To Develop 400 MW Solar In Armenia).
It will now build the 200 MW project in Talin and Dashtadem communities of Armenia for the winning tariff of $0.0290 per kWh. The project will be built on design, finance, build, own and operate (DFBOO) basis through a special purpose company of which Masdar will be the 85% owner and ANIF holding the remaining 15% stake. Discussions are on for the development of the remaining 200 MW capacity.
Masdar plans to invest $174 million on building the 200 MW project on some 500-hectare space with a new substation, which made ANIF CEO David Papazian term it as by far the ‘largest’ single foreign investment in green energy in the region and the 2nd largest foreign direct investment in the history of modern Armenia.
Masdar CEO Mohamed Jameel Al Ramahi said this low-cost solar energy will help power new industries, and generate jobs in Armenia. The company added that it is looking forward to exploring more clean energy infrastructure opportunities in the country.
This is yet another utility scale solar tender win for Masdar in recent times, after it succeeded in 3 solar auctions in Uzbekistan with its low bids (see Masdar Wins Another 400 MW Scaling Solar In Uzbekistan). The company also secured a contract with the National Investment Commission of Iraq to develop a minimum of 2 GW solar PV capacity in the country (see Iraq Signs Up Masdar To Develop 2 GW PV Projects).