FRV reaches fin close on 55-MW Armenian solar project

• Spain-based Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has actually reached economic close on the 55-MW Masrik-1 Solar Farm project it intends to understand in Armenia.

FRV protected a USD-38.4-million (EUR 32.6 m) financial obligation financing bundle structured in different tranches from the International Finance Corporation (IFC), the European Bank for Reconstruction and also Development (EBRD) as well as the European Union (EU). Ameriabank CJSC will certainly provide a local-currency lending to finance FRV's worth added tax (VAT) requires.

In 2018, FRV and the Ministry of Territorial Administration and Framework signed a Federal government Assistance Agreement (GSA) to create the photovoltaic or pv (PV) plant.

To be located in Mets Masrik district, Gegharkunik district, Masrik-1 will certainly be the initial of its kind in Armenia. When completed, the PV park is expected to produce over 128 GWh of clean power each year, enough to meet the demand of 20,000 regional homes.

Marsik-1 will offer electricity under a power acquisition arrangement (PPA) with energy Electricity Networks of Armenia at a tariff of USD 41.9 per MWh.