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The agreement on construction of “Masrik-1” solar photovoltaic power station has been signed

On July 18, in the Ministry of Energy Infrastructures and Natural Resources a support agreement has been signed by the Government of Armenia on “Designing, Financing, Construction, Ownership and Operation of Masrik-1 solar photovoltaic Power Plant” in the village "Mets Masrik" of Gegharkunik Region, Armenia.

The document was signed by RA Minister of Energy Infrastructures and Natural Resources Artur Grigoryan and Director of “Fotowatio Renewable Ventures B.V.” Nikola Fasquel.

Minister Grigoryan wished his colleagues a successful project implementation process and expressed hope that in the near future there will be another opportunity to be successful and to be proud of in the renewable energy sector.

The director of the "Fotowatio Renewable Ventures B.V." has thanked the Minister for the support and constructive work. Nicola Fasquel has reaffirmed his readiness to continue the transparent partnership and has expressed confidence that the further stages of the program would also be successful.

It is worth mentioning that the ''Masrik-1'' station is intended to be built with the involvement of private investments in the Greater Masrik village of Gegharkunik region. There are all necessary conditions for the construction of a modern powerful photovoltaic station in the selected area. The capacity of the station will allow to generate 120-150 million kWh of electricity.

To recap, in 2015 a grant agreement was signed between the Republic of Armenia and the International Bank for Reconstruction and Development, which started with the launch of an industrial scale solar energy project.

As a result of the competition, the minimum offer has been received from the Netherlands by the Consortium of “Photowatio Renewable Ventures B.V.” and the consortium consisting of Spanish leading companies FSL Solar S.L. (FSL Solar SL). The offered rate is 0.0419 US dollars without VAT (about 20 drams).