What is the biggest PV power plant in Armenia?

Located close to the Lake Sevan, the 62 MW dc project will be the biggest PV power plant in Armenia. Built with double-faced solar panels, the project will be contributing to the country’s sustainable economic growth, generation of wealth and local employment.

How much does solar power cost in Armenia?

It is Armenia’s first large utility-scale and competitively-tendered solar independent power producer. The project will operate under a 20-year power purchase agreement and is expected to have a total cost of $55 million.

How will Masrik solar benefit Armenia?

Masrik Solar will help assure the reliability of Armenia’s electricity supply by increasing the country’s peak-load capacity at affordable tariffs, while also contributing to lowering the greenhouse gas emissions from the power system.

Does Armenia have solar energy?

Armenia has significant solar energy potential: average annual solar energy flow per square metre of horizontal surface is 1 720 kWh (the European average is 1 000 kWh), and one-quarter of the country’s territory is endowed with solar energy resources of 1 850 kWh/m 2 per year. Solar thermal energy is therefore developing rapidly in Armenia.

Why did IFC support Armenia's first greenfield project-financed power plant?

In 2019, IFC and the Multilateral Investment Guarantee Agency (MIGA), another member of the World Bank Group, supported the financing of Armenia’s first greenfield project-financed power plant, a 250-MW gas-fired thermal power facility to help bolster the power generation.

How will Armenia's power sector benefit from increased private investment?

With increased private investment, Armenia’s power sector will be able to bolster energy security and ensure the supply of reliable power. Alongside much-needed capital, private companies are also sharing their expertise on governance and best practices and introducing cutting-edge technology.