• It has been two years since Fotowatio Renewable Ventures won the bid to develop the 55 MW site and with finance finally secured, the build can go ahead.

Armenia’s biggest utility scale solar plant has reached another milestone with the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the EU itself having signed off a package of loans and grants for the 55 MW Masrik site.

The Fotowatio Renewable Ventures business owned by Dubai-based Abdul Latif Jameel Energy won the tender for the project in April 2018 but construction has not started in the Mets Masrik municipality of Armenia’s Gegharkunik province.

The IFC private-sector arm of the World Bank will lend $8.9 million to match-fund a loan provided by the Finnish government through the Finland-IFC Blended Finance for Climate Program. The EBRD will lend a further $17.7 million, to complete $35.5 million of borrowings, with the EU adding a €3 million ($3.4 million) grant.

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