Thursday, January 25 2024 13:44

ArmInfo.Armenia's Minister of Economy Vahan Kerobyan hosted UAE Ambassador to Armenia Nariman  Mohammed Sharif AlMulla and Mohammed Al Shehi, the coordinator of the projects implemented by the Masdar company in Armenia.

According to the press service of the Ministry of Economy, following  the meeting, an agreement was reached on further deepening  cooperation in the field of solar energy production.

The source noted that at the end of 2023, trade turnover between the  countries reached $2.8 billion. As a result, the UAE took second  position in the list of Armenia's main trading partners. The Ministry  of Economy also reported that by October 2023, the flow of  investments from the UAE amounted to about 135,235.1 million drams,  of which 105,192.0 million drams came from the flow of direct  investments.

"Business and interstate cooperation between Armenia and the United  Arab Emirates continues to expand," the message says.

On November 26, 2021, following the results of the competition, the  Armenian government signed an agreement with the Masdar company on  the construction of a photovoltaic power plant in the Talin  area with a capacity of 200 MW in the country.

Earlier, in July of this year. Masdar was recognized as the winner of  the tender for the projects for the construction of this photovoltaic  industrial station.

According to the competitive proposal, the company offered a fairly  low tariff for the future solar generation facility - $0.0290  excluding VAT for 1 kW/h of electricity. $200 million was allocated  for the construction of the Aig-1 station, operation is planned for  2025.

The beneficiary of 85% of the shares was Masdar, and 15% of the  shares belonged to the ANIF State Interest Fund.

Masdar is a subsidiary of Mubadala Investment Company, UAE, with  total assets of $220 billion and one of the world's leading renewable  energy companies.