ArmeniaEconomy

Two 400 MW solar power plants will be built in Armenia

The Ministry of Economy of Armenia plans to sign a contract next week with “Masdar” for the construction of a second major solar power plant, announced Minister of Economy Gevorg Papoyan.

In November 2021, the company signed an agreement with the Armenian government for the construction of the first 200 MW solar power plant, known as the “Ayg-1” solar plant, with an investment of approximately $174 million.

At the beginning of 2022, “Masdar” reached a preliminary agreement to construct a second power plant of the same capacity, but the contract signing was delayed.

It should be noted that the construction of “Ayg-1” was initially planned for completion in 2025; however, the start of construction has been continuously postponed. The delay may be related to the dissolution of ANIF, as 85 percent of “Masdar Armenia” shares belong to “Masdar” and 15 percent to ANIF, which was dissolved in May of this year.

The Minister of Economy added that Armenia has completed its part of the work with the UAE within the framework of the UAE-EAEU free trade agreement draft.

Samvel Mkhitaryan