EBRD, IFC and EU partner with Fotowatio Renewable Ventures to support first solar plant in Armenia
By Loretta Martikian
The European Bank for Reconstruction and Development, IFC, a member of the World Bank Group; and the European Union (EU) have today agreed to support the development of the first utility-scale solar power plant in Armenia, which is also the first for the Caucasus.
The 55 MW power plant facility, located in Mets Masrik municipality, Gegharkunik Province, will boost Armenia’s supply of renewable energy and will help the country reduce its reliance on imported fuels.
The plant is being developed by Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, a global leader in utility-scale renewable energy projects. The company will receive aUS$ 35.4 million debt financing package consisting of two U...