IFC, EBRD, and EU partner with Fotowatio Renewable Ventures for a 55 MW utility-scale solar plant in Armenia

The International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Union (EU) will support the development of the 55 MW Masrik solar plant, the first utility-scale solar power plant in Armenia. The solar plant will be located in Gegharkunik province of the country and will be developed by Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy. The company will receive a $35.4 million debt financing package consisting of two $17.7 million long-term loans, one each from IFC and the EBRD. The project will also receive a Euro 3 million investment grant from the EU, mobilised by the EBRD. The IFC financing package includes a $8.9 million loan from IFC’s own account and a $8.9 million loan from the Finland-IFC Blended Finance for Climate Program. The electricity generated will be sold under a power purchase agreement to Electricity Networks, an Armenian utility, at a competitive tariff of 4.19 cents per kWh.

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