Development Financing Institutions interested in the financing of the “Ayg-1” Project visited Armenia and the project communities

On July 3-7, representatives of the development financing institutions interested in the financing of the construction project of the “Ayg-1” project, namely the European Bank for Reconstruction and Development (EBRD), German DEG, French PROPARCO, as well as representatives of Abu Dhabi’s Masdar, visited Armenia. During the week, they visited Talin agglomerated community of Aragatsotn marz. “Ayg-1” is a 200 MW PV project of Masdar Abu Dhabi and Armenian National Interests Fund (ANIF).

The representatives met with the representatives of the community, and got acquainted with the works carried out within the framework of project financed social support projects for the communities, and the results of the Environmental Impact Assessment (EIA). Armenia’s Ministry of Environment has recently given a positive conclusion to the EIA report of the construction of “Ayg-1”.

The representatives also held productive meetings with respective state agencies’ representatives in Yerevan, including the Ministry of Territorial Administration and Infrastructure.

“Ayg-1” Project will be the largest solar photovoltaic power plant in Armenia, and about 200 million US dollars will be invested in its implementation. The tariff for the produced energy will be 0.0290 US dollars for one kilowatt hour (kWh). 85 percent of the shares of “Masdar Armenia 1” joint venture belong to Masdar, and the remaining 15 percent to ANIF. The operation of the photovoltaic power plant is planned to start in 2025.