About Armenia Solar Photovoltaic System Project
Armenia and the UAE have agreed to begin the construction of the industrial-scale photovoltaic solar power plant "Ayg-1" in Armenia in early 2026.
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About Armenia Solar Photovoltaic System Project video introduction
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6 FAQs about [Armenia Solar Photovoltaic System Project]
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 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.
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 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.
How does IFC support Armenia's power sector?
IFC has supported the growth, reliability, and independence of Armenia’s power sector for many years. Support includes an equity investment in 2015 and a $140 million long-term debt package for the privatization of the Vorotan hydropower complex in 2016. This was the first major international debt-financing package in Armenia’s power sector.
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