Armenia`s minister of territorial administration visits Masrik-1 solar station

ArmInfo. Minister of Territorial Administration and Infrastructures of Armenia Gnel  Sanosyan visited the Masrik-1 solar station.

According to the department's press service, the minister got  acquainted with the progress of construction work and talked with  engineers and builders. The project involves the construction of a 55 MW station, which will  significantly increase the volume of renewable energy production.

The Masrik-1 station is privately owned and owned by the Spanish  company FRV, the local contractor is the Stiegen company.

On July 19 last year, PSRC issued a license for the production of  electricity from Mets Masrik. Fotowatio Renewable Ventures (FRV), a  member of Abdul Latif Jameel and a leading global developer of  renewable energy projects, together with IFC, EBRD and Ameribank,  successfully completed a deal to finance the construction of the  largest solar power plant, Masrik-1, with a capacity of 55 MW , which  will generate more than 128 gigawatt-hours of electricity per year at  a competitive rate of $41.9 per MWh to power more than 20,000 homes  and avoid the emission of more than 40,000 tons of carbon per year.  As part of the project, an electricity purchase agreement was signed  with the Electric Networks of Armenia company, which will distribute  the electricity produced. The International Finance Corporation (IFC)  and the European Bank for Reconstruction and Development (EBRD)  supported the project by providing priority loans and an investment  grant, which the EBRD will attract from the EU.

In turn, Ameriabank supports the project by providing financing to  cover the company's VAT. The Masrik- 1 solar power plant, located in  the Mets Masrik community of Gegharkunik region and the first of its  kind in Armenia, will help increase Armenia's supply of renewable  energy while reducing its dependence on fossil fuels. According to  experts, the construction of Masrik-1 will amount to 55 million  euros, but nothing has been officially announced about the size of  the investment. - 1" will amount to 55 million euros, but nothing has  been officially announced about the size of the investment.

The head of the Armenian Energy Security Program at the United States  Agency for International Development (USAID), Abgar Budaghyan, noted  that as of 2022, the level of energy independence of Armenia is about  27%, since Armenia imports 73% of its energy resources.

He noted that last year, together with the government, new targets  were set for renewable energy. In particular, it is envisaged that in  2030 Armenia will have solar stations with a total capacity of 1  thousand MW, which should satisfy 50% of domestic consumption from  renewable energy sources.  In 2040, this figure, according to him, is  planned to be improved by building an additional capacity of 500 MW  of solar energy and 500 MW of wind. As a result, the share of  domestic consumption from renewable sources will be increased to 60%.

According to the RA Statistics Committee, the volume of solar energy  production in Armenia in January- May 2024. grew by 26.4% per annum,  amounting to 349 million kWh.