Masdar has signed an agreement with the Armenian government to invest US$174M to develop the 200MW Ayg-1 solar photovoltaic (PV) power plant in Armenia.
The Ayg-1 solar power project is planned to be built between Talin and Dashtadem communities.
The project location is believed to have significant solar radiation while the land is not suitable for agricultural purposes.
According to the government support agreement signed by both parties, Masdar, a subsidiary of Mubadala Investment, will own a stake of 85% in the solar PV facility.
The remaining 15% will be held by the Armenian National Interest Fund (ANIF), which is an investment vehicle owned by the Armenian government.
According to Masdar, the Armenian solar power plant will cover an area of over 500ha and is expected to generate several direct and indirect employment opportunities.
Furthermore, the Ayg-1 project is planned to become the largest utility-scale solar power plant in Armenia.
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