ArmInfo.The Masrik-1 solar station is scheduled to be operational by October 2024. According to the press service of the Ministry of Territorial Administration and Infrastructure, Gagik Babayan, chief engineer at Shtigen company, stated this in an interview with the Public Television.
Since November of last year, the company has been engaged in the construction of the station. The annual solar energy production is expected to reach to 128,342 GWh, resulting in the avoidance of 54 thousand tons of carbon dioxide emissions per year. A total of 250 people were involved in the construction work, with the majority being residents of nearby communities.
As part of this project, an agreement was signed for the purchase of electricity with the Electric Networks of Armenia company, which will distribute the generated electricity. 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 the Gegharkunik region and the first of its kind in Armenia, will help increase the supply of renewable energy in Armenia, while reducing its dependence on fossil fuels. According to experts, the construction of Masrik-1 amounted to 55 million euros, but nothing was officially reported on the amount of investment.
