Wednesday, February 28 2024 17:54

ArmInfo. The construction of an industrial-scale solar power plant, Mets Masrik, in Armenia is  nearing completion. This was stated on February 28 from the rostrum of parliament by Chairman of the Public Services Regulatory Commission, Garegin Baghramyan, whose candidacy was again nominated  by the RA government for the post of head of the PSRC.

Baghramyan emphasized that the construction of a s Mets Masrik  olar  power plant is carried out within the framework of a public-private  partnership. A similar partnership mechanism is used major solar  energy project - the Aig-1 power plant as well, which is to be built  by the Masdar, UAE company. If in the first case the project is  nearing completion, then in the second case it has not yet begun.  Moreover, the consortium that is supposed to build Aig-1 has not yet  even received a license to build the facility, the cost of which is  estimated at $180 million and a design capacity of 200 MW. Some  financial terms are currently being negotiated within the  public-private partnership. Only after that, the investor should  apply to the PSRC to obtain a construction license.

Baghramyan emphasized that in addition to the abovementioned  facilities, solar power plants with a total installed capacity of 370  MW have already been built in the country. If the conditions of  licenses issued to 43 persons are met, these volumes will increase by  another 410 MW.

On July 19 last year, PSRC issued a license for the production of  electricity from Mets Masrik. Fotowatio Renewable Ventures (FRV), a  member of Abdul Latif Jameel and a leading global developer of  renewable energy projects, together with IFC, EBRD and Ameribank,  successfully completed a deal to finance the construction of the  largest solar power plant, Masrik-1, with a capacity of 55 MW, which  will generate more than 128 gigawatt-hours of electricity per year at  a competitive rate of $41.9 per MWh to power more than 20,000 homes  and avoid the emission of more than 40,000 tons of carbon per year.  As part of the project, an electricity purchase agreement was signed  with the Electric Networks of Armenia company, which will distribute  the electricity produced. The International Finance Corporation (IFC)  and the European Bank for Reconstruction and Development (EBRD)  supported the project by providing priority loans and an investment  grant, which the EBRD will attract from the EU. In turn, Ameriabank  supports the project by providing financing to cover the company's  VAT. The Masrik-1 solar power plant, located in the Mets Masrik  community of Gegharkunik region and the first of its kind in Armenia,  will help increase Armenia's supply of renewable energy while  reducing its dependence on fossil fuels. According to experts, the  construction of Masrik-1 will amount to 55 million euros, but nothing  has been officially announced about the size of the investment.