Armenia’s largest solar PV plant, Masrik-1, with 62 MW DC/55 MW AC capacity, is online
FRV won the project in 2018, offering the lowest winning tariff of AMD 20.11/kWh
The facility is backed by international financing institutions, including the IFC, EBRD, and the EU, among others
Spanish renewable energy developer Fotowatio Renewable Ventures (FRV) has commissioned the largest solar PV power plant in Armenia with 62 MW DC/55 MW AC installed capacity.
Located in Gegharkunik Province, the Masrik-1 PV project is spread across a 130-hectare site. It is expected to generate enough clean energy to power more than 21,400 local households.
The project was constructed by China Machinery Engineering Corporation (CMEC). It will sell electricity to the Electrical Networks of Armenia CJSC (ENA) under a power purchase agreement (PPA).
Part of Saudi Arabia’s Jameel Energy, FRV won the Masrik-1 project with FSL Solar in 2018, beating 10 shortlisted companies and consortia, offering the lowest tariff of AMD 20.11 ($0.042)/kWh (see Spanish Companies Win 55 MW Armenia Tender).
Originally targeted to be grid connected by the end of 2020, the project was planned to be expanded to 100 MW in the future in case of sufficient investor interest.
The Masrik-1 project is backed by financing from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the European Union, and Ameriabank, among others.
With an economy largely dependent on natural gas for its energy system, Armenia targets renewable energy capacity to account for 50% of the total mix by 2030, majorly using solar and wind energy, according to the United Nations Economic Commission for Europe (UNECE).
At the end of 2024, Armenia’s total installed solar PV capacity had reached 485 MW, according to the International Renewable Energy Agency (IRENA).
.png?w=50&fm=png){kind=logo}