Thursday, March 25 2021 18:38

FRV reaches financial close with IFC, EBRD, and Ameriabank for the  largest Utility Scale Solar Power Plant ``Masrik-1`` in Armenia

FRV reaches financial close with IFC, EBRD, and Ameriabank for the  largest Utility Scale Solar Power Plant ``Masrik-1`` in Armenia

ArmInfo.Fotowatio Renewable Ventures (FRV), part  of Abdul Latif Jameel and a leading global developer of renewable  energy projects, has closed the financing agreement for the  development of the largest utility-scale solar power plant in  Armenia.

The project is supported by the International Finance  Corporation, a member of the World Bank Group, the European Bank for  Reconstruction and Development and the European Union. They will  extend up to USD 38.4 million financing structured in different  tranches of debt. Ameriabank will provide AMD loan facility to  finance company's VAT needs, the press service of the bank informs.  

"Masrik-1" solar power plant will generate more than 128  gigawatt-hours of electricity annually at a competitive tariff of  41,9 USD/MWh. The electricity will be sold under a power purchase  agreement to Electric Networks of Armenia, the utility company  responsible for distribution of electricity in the country. The plant  will produce enough energy to supply more than 20,000 Armenian  households and is projected to avoid the release of over 40,000 tons  of carbon emissions annually. Located in Mets Masrik municipality,  Gegharkunik region, the 55 MW solar power plant is the  first-of-its-kind in the country, and it will help boost Armenia's  supply of renewable energy while reducing its dependence on fossil  fuels.

"Armenia has great potential when it comes to the development of  renewable energy, in particular solar energy" said Tristan Higuero,  Chief Operations Officer of FRV. "The financial close of our first  solar project in the region is a milestone for FRV as it allows us to  expand our reach worldwide.  Through this project, we will contribute  to the country's sustainable economic growth through the generation  of wealth and employment, helping to build a more sustainable  future".

Ameriabank's Chairman of the Management Board-CEO Artak Hanesyan  highlighted the importance of the project and said that the renewable  energy projects are a priority for the Bank: "We support  international business in Armenia and have prioritized this project  for its role in economic development, addressing environmental  issues, creation of new job opportunities and improvement of the  living standards in our country.  We provided a loan to support  development of the largest utility-scale solar power plant thus  contributing to formation of a more independent and secure power  system in Armenia".  According to Artak Hanesyan, Ameriabank has been  actively supporting the Energy sector in the country through  financing of hydropower plant (HPP) and solar power plant (SPP)  projects: "Masrik-1 solar power plant is yet another daring and  critical project for our country which, I am sure, will be a success  due to our joint efforts".

Fady Mohammed Abdul Latif Jameel, Deputy President and Vice Chairman  of Abdul Latif Jameel Energy, said "Abdul Latif Jameel Energy,  through FRV, is providing Armenia's largest utility scale solar plant  which is a testament to our commitment to developing the renewable  energy sector. In finalizing this financial agreement for Masrik  Solar Farm, we move closer towards our objectives and take pride in  assisting Armenia's shift towards a renewable future.

The source notes that in 2018, FRV and the Ministry of Territorial  Administration and Infrastructures of Armenia signed a Government  Support Agreement (GSA) to design, finance, build, own and operate  the solar power plant with the support of the Armenia Renewable  Resources and Energy Efficiency Fund (R2E2), the implementation  agency authorized by the Government of Armenia.

FRV, part of Abdul Latif Jameel Energy is a leading global renewable  development company. Aligned with ambition to be a leading player in  the world's transition to a sustainable energy future, FRV moved from  a pure PV utility-scale developer to a renewable energy IPP  (Independent Power Producer). 'We want to transform ourselves into  the future's main 'green utility/energy platform', therefore we have  a rapid growth strategy that will be realized through project  generation revenue, shareholder contributions and rotation of assets  through minority stake sales and pipeline sales'. To this end, FRV  plans to invest over USD 1.5 billion in fixed assets to double the  total installed capacity, from 2 GW in 2020 to 4 GW by 2024.  

Abdul Latif Jameel Energy was formed in 2012, and today is a leading,  independent power producer, and a premier service provider of  operations and maintenance in the renewable energy sector, with  interests in 16 countries worldwide with capabilities in renewable  energy including solar photovoltaic, wind, waste-to-energy, and  environmental solutions including desalination, water and waste-water  treatment.

Ameriabank is a dynamically developing bank and one of the most  stable financial institutions in Armenia.  Ameriabank is a universal  bank offering corporate, investment and retail services in a  comprehensive set of banking solutions. Ameriabnak retains leadership  by the main financial indicators.

POST A COMMENT
Input digits     


News
Russia and China hold first two positions in export and import in  Armenia`s foreign trade turnover Russia and China hold first two positions in export and import in  Armenia`s foreign trade turnover 
Former Prime Minister: If the economic Former Prime Minister: If the economic "miracles" of the government  are continued, then in a couple of years, in terms of GDP growth,  Armenia will be in the last ranks of the CIS countries
Safe online shopping. A few tipsSafe online shopping. A few tips
Ardshinbank: Visa Direct transfers with more advantageous termsArdshinbank: Visa Direct transfers with more advantageous terms
Armenia`s foreign trade turnover with EU countries has grownArmenia`s foreign trade turnover with EU countries has grown
First floating solar power plant to be built in ArmeniaFirst floating solar power plant to be built in Armenia
Interview with Huib-Jan de RuijterInterview with Huib-Jan de Ruijter
Armenia`s foreign trade turnover with the EAEU countries is in  declineArmenia`s foreign trade turnover with the EAEU countries is in  decline
Head of the Fund: Electricity tariff may be loweredHead of the Fund: Electricity tariff may be lowered
Armenia`s foreign trade turnover decreased by 4.4% per annum in the  first quarter of 2021Armenia`s foreign trade turnover decreased by 4.4% per annum in the  first quarter of 2021
Natural population growth in Armenia decreased by 17% in the first  quarter of 2021Natural population growth in Armenia decreased by 17% in the first  quarter of 2021
In Armenia, the negative balance of migration in the first quarter of  2021 decreased by 30.6%In Armenia, the negative balance of migration in the first quarter of  2021 decreased by 30.6%
Armenia considers the possibility of extending the ban on the import  and sale of goods of Turkish originArmenia considers the possibility of extending the ban on the import  and sale of goods of Turkish origin
Acting Minister of Economy: It`s time to make a decision on Amulsar  Acting Minister of Economy: It`s time to make a decision on Amulsar  
Armenia`s textile industry increased its volumes by 73.2% per annum  in Q1 of 2021Armenia`s textile industry increased its volumes by 73.2% per annum  in Q1 of 2021
Lavrov: As we get out of the epidemiological situation, the trade  turnover between Russia and Armenia will increase rapidlyLavrov: As we get out of the epidemiological situation, the trade  turnover between Russia and Armenia will increase rapidly
In Q1 services in a number of areas remained on the rise, but  significantly slowed down the rateIn Q1 services in a number of areas remained on the rise, but  significantly slowed down the rate
Armenia`s alcohol industry recovers from coronavirus crisis in a yearArmenia`s alcohol industry recovers from coronavirus crisis in a year
Dominant telecommunications sector registers growth in Armenia`s  communications sectorDominant telecommunications sector registers growth in Armenia`s  communications sector
Historical records: Pashinyan spoke about the process of  economic recovery in ArmeniaHistorical records: Pashinyan spoke about the process of  economic recovery in Armenia
Passenger traffic in Armenia deepens into recession amid accelerated  growth in freight trafficPassenger traffic in Armenia deepens into recession amid accelerated  growth in freight traffic
Economy Minister insists: Armenia will reach double-digit economic  growth by the end of the yearEconomy Minister insists: Armenia will reach double-digit economic  growth by the end of the year
Metallurgical industry of Armenia in Q1 of 2021 increased production  volumes by 4.1%Metallurgical industry of Armenia in Q1 of 2021 increased production  volumes by 4.1%
In Armenia, aluminum foil production volumes decreased by 2.6% per  annum in Q1In Armenia, aluminum foil production volumes decreased by 2.6% per  annum in Q1
Y-O-Y inflation in Armenia in April 2021, amounted to 6.2%, and in  January-April alone-5.1% Y-O-Y inflation in Armenia in April 2021, amounted to 6.2%, and in  January-April alone-5.1% 
Armenian economy tries to growArmenian economy tries to grow
Electricity generation in Armenia slowed down y-o-y growth rate in Q1Electricity generation in Armenia slowed down y-o-y growth rate in Q1
Armenia`s industrial sector in the first quarter of 2021 reduced  production volumes by 3.9% per annumArmenia`s industrial sector in the first quarter of 2021 reduced  production volumes by 3.9% per annum
Central Bank of Armenia: Private transfers have registered growth-  tangible in inflow and weak in outflowCentral Bank of Armenia: Private transfers have registered growth-  tangible in inflow and weak in outflow
The art of interpretation: 50% is also a result. The art of interpretation: 50% is also a result. "Prosperous Armenia"  indulges in populism, insisting that writing off debt on loans is  justified
Central Bank of Armenia: An increase in private transfers by 47.7%  per annum was registered in Armenia, in Q1 of 2021Central Bank of Armenia: An increase in private transfers by 47.7%  per annum was registered in Armenia, in Q1 of 2021
Central Bank of Armenia: The share of non-performing loans in the  loan portfolio of the banking system of Armenia reached 7.1% in Q1 of  2021Central Bank of Armenia: The share of non-performing loans in the  loan portfolio of the banking system of Armenia reached 7.1% in Q1 of  2021
The regulator is confident that it will be possible to return to the  inflation target next yearThe regulator is confident that it will be possible to return to the  inflation target next year
Central Bank considers it necessary to gradually neutralize the  stimulating effect of monetary conditionsCentral Bank considers it necessary to gradually neutralize the  stimulating effect of monetary conditions
Armenian lawmaker promises that cross-border VAT payments will be  canceledArmenian lawmaker promises that cross-border VAT payments will be  canceled
Iranian official: Armenia is a window to international marketsIranian official: Armenia is a window to international markets
Central Bank of Armenia raised refinancing rate from 5.5% to 6%Central Bank of Armenia raised refinancing rate from 5.5% to 6%
ARMENAL prepares for ASI certificationARMENAL prepares for ASI certification
IMF gives forecast of Armenia`s key indicators for 2021 - 2022IMF gives forecast of Armenia`s key indicators for 2021 - 2022
Land continues to be the most attractive asset in ArmeniaLand continues to be the most attractive asset in Armenia
In cooperation with Russian Sberbank, Ardshinbank launches instant money transfers through phone numberIn cooperation with Russian Sberbank, Ardshinbank launches instant money transfers through phone number
Armenia and EU intend to expand cooperation in the customs fieldArmenia and EU intend to expand cooperation in the customs field
Summarizing the results of the campaign dedicated to Women`s HolidaysSummarizing the results of the campaign dedicated to Women`s Holidays
Prices for apartments in Yerevan fell on average by 6% over the year,  while the number of transactions decreased by 16.5%Prices for apartments in Yerevan fell on average by 6% over the year,  while the number of transactions decreased by 16.5%
On April 26-30, 2021, the volume of dollar transactions in the  foreign currency interbank of Armenia decreased by 30%On April 26-30, 2021, the volume of dollar transactions in the  foreign currency interbank of Armenia decreased by 30%
Ambassador: Armenia`s business environment is favorable for Iranian  businessAmbassador: Armenia`s business environment is favorable for Iranian  business
Pashinyan visited the innovative town of Innopolis in KazanPashinyan visited the innovative town of Innopolis in Kazan
Armenia entered the TOP-5 countries recommended for Russian tourists  for the May holidaysArmenia entered the TOP-5 countries recommended for Russian tourists  for the May holidays
Converse Bank. Another cashback campaign dedicated yet to another holidayConverse Bank. Another cashback campaign dedicated yet to another holiday
Armenia`s international reserves increased by 16.5% per annum by  April 2021Armenia`s international reserves increased by 16.5% per annum by  April 2021
Carrefour plans to open 10 more supermarkets in Armenia during the  yearCarrefour plans to open 10 more supermarkets in Armenia during the  year
ArmInfo Financial rating: Health insurance fees stagnate, and travel  insurance is in the deep redArmInfo Financial rating: Health insurance fees stagnate, and travel  insurance is in the deep red
Armenia is going to prolong the loan with ADB and significantly  increases the financial burden of the state treasuryArmenia is going to prolong the loan with ADB and significantly  increases the financial burden of the state treasury
Expert: Armenian retail should work towards creating solutionsExpert: Armenian retail should work towards creating solutions
One more type of Converse Bank lending made available on the SME online lending platformOne more type of Converse Bank lending made available on the SME online lending platform
Armenia significantly reduced imports of passenger cars in 2020Armenia significantly reduced imports of passenger cars in 2020
IDpay: transfers from Armenia to Russia and vice versaIDpay: transfers from Armenia to Russia and vice versa
Armenia increased imports of wheat in 2020, reducing the volume of  flour suppliesArmenia increased imports of wheat in 2020, reducing the volume of  flour supplies
Pashinyan promises to announce a new agricultural program in the near  futurePashinyan promises to announce a new agricultural program in the near  future
Robert Kocharyan: Armenia can be turned into a large construction  siteRobert Kocharyan: Armenia can be turned into a large construction  site
Read more


Exchange rates
07.05.2021
RUB7.050.06
USD522.090.64
EUR630.682.49
GBP726.751.10
CAD428.502.69
JPY47.850.07
CNY80.720.37
CHF575.312.04