- Spain’s Fotowatio Renewable Ventures and FSL Solar SL have won the 55 MW solar power project tender in Armenia
- The two companies offered the winning tariff of 20.11 AMD ($0.042) per kWh
- The 55 MW project can be expanded to 100 MW in the future, if there is investor interest
- As a result of the requirements specified in the tender, a special purpose company will need to be formed to carry out this project
A consortium of two Spanish companies has won the 55 MW Armenia PV tender. Fotowatio Renewable Ventures and FSL Solar SL have secured the project, beating 10 shortlisted companies and consortiums that were announced in July 2017 (see 10 Companies Shortlisted For Armenia Tender).
The winning consortium offered the lowest tariff of 20.11 AMD ($0.042) per kWh, which is lower than the tariff of 23.8 AMD ($0.050) per kWh at which small hydropower plants and natural gas supply electricity in the country.
The Armenian Ministry of Natural Resources and Energy Infrastructures has stipulated that the winner will have to form a special purpose company to develop the project. Masrik-1 PV project will need to be up and running by the end of 2020. The plant could be expanded to 100 MW in the future, if there is sufficient investor interest. The project is expected to require an investment of $50 million.
It will be the first commercial-scale solar power plant located in Armenia. The 55 MW capacity is part of 6 PV plants the country has planned with a combined capacity of 110 MW.