Masrik-1 Sun factory
Image: FRV
Developer of renewable energy sources FRV has completed a 62 MW Sun Factory in Masrik, the province of Gesharkunik, Armenia. The Madrid, which is part of the Jameel Energy of Saudi Arabia, built in Madrid, built the project in collaboration with China Machinery Engineering Corp. (CMEC).
The project was awarded to FRV in a tender of 2018 in possession of the Armenian authorities and was financed by International Finance Corp. (IFC), the European Bank for Reconstruction and Development (EBRD), the European Union and Ameriabank.
IFC, the arm of the World Bank, borrowed $ 8.9 million to match a loan from the Finnish government via the Finland-IFC Blended Finance for Climate Program. The EBRD provided an extra $ 17.7 million, which resulted in total loans at $ 35.5 million. The EU has also contributed a subsidy of € 3 million ($ 3.4 million).
The facility supplies electricity to the electrical networks of Armenia CJSC (ENA) under a long -term PPA.
Armenia had 485 MW installed solar capacity at the end of 2024, according to the International Renewable Energy Agency (Irena).
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