Home Power plant Saudi Arabia - EU and multilateral institutions to finance Armenian solar project

Saudi Arabia – EU and multilateral institutions to finance Armenian solar project

The project will be developed by Fotowatio Renewable Ventures, part of Saudi Arabia’s Abdul Latif Jameel Energy. The 55MW Photovoltaic project will be capable to generate more than 128 gigawatt-hours of electricity annually.
Multilateral financial institutions (IFC) and European Bank for Reconstruction and Development (EBRD) will each provide $17.7m long-tenor loans for the Photovoltaic project, with the EU to offer an investment grant of €3m. The project will be developed by Fotowatio Renewable Ventures, part of Saudi Arabia’s Abdul Latif Jameel Energy. The Photovoltaic plant will be capable to generate more than 128 gigawatt-hours of electricity annually, which will reduce annual carbon emissions by up to 40,000 tones.
While the 55MW project will be Armenia’s first utility-scale solar farm, the UAE’s Masdar is planning to develop a much larger solar project in the country. In 2019, Masdar signed an agreement with the Armenian National Interests Fund (ANIF) to develop 400 megawatts of solar photovoltaic capacity. The IFC is playing a major role in financing renewable energy projects in Central-Asian countries. In November last year, Uzbekistan has awarded the contract to develop the country’s first solar Independent power plant project to a consortium led by Masdar. The project is being developed under the IFC’s Scaling Solar Programme. Uzbekistan has put a target of developing 5GW of renewable energy by 2030, with projects to developed under the IFC Scaling Solar program expected to contribute 1GW of the total.

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