July 15, 2020 / 11:55 AM / a month ago

IFC, EBRD, EU to finance first solar power plant in Armenia

YEREVAN (Reuters) - The World Bank’s International Finance Corp (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Union (EU) said on Wednesday they would finance development of the first utility-scale solar power plant in Armenia.

The project includes the development, construction, and operation of a 55-megawatt power plant and a nine-kilometer transmission line in Armenia’s Mets Masrik municipality.

IFC and EBRD each pledged to allocate $17.7 million long-term loans for the project, while the EU would offer 3 million euro investment grants.

The project was developed by Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, a global leader in utility-scale renewable energy projects.

The plant is expected to generate more than 128 gigawatt-hours of electricity annually and will displace the release of 40,000 tonnes of carbon emissions annually. Around 70% of Armenia’s current electricity generation depends on imported fossil fuels.

Reporting by Nvard Hovhannisyan; Writing by Margarita Antidze; Editing by Chizu Nomiyama

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