The project:

In July 2019, ANIF signed a Memorandum of Understanding with Masdar, consequently in November 2019, ANIF and Masdar entered into an agreement to develop solar power projects.

In December 2019, the Armenian government adopted the “Masdar Armenia Investment Project” decree. Masdar initially proposed USD 0,0299/kWh tariff price for the project. To secure a competitive and transparent process the government initiated an international tender for the construction of a 200 MW capacity solar photovoltaic station, to give an opportunity to participants to propose their tariffs. The company offering lowest tariff would win the tender.

About the tender:

An international tender was announced by the Ministry of Territorial Administration and Infrastructure, inviting companies to participate with their bids.

3 companies participated in the initial stage of the tender process: Masdar, Gazprom and Hydro China Corporation.

In July 2021, Masdar was selected as the winning bidder for the tender for the 200 MW utility-scale solar project with a final price of USD0,0290/kWh.

About Masdar: Masdar (or Abu Dhabi Future Energy Company) is engaged in the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Masdar is present in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India and Indonesia

About the Joint project: The project consists of constructing a 200-megawatt (MW) solar power plant in Armenia. The project will be developed on a design, finance, build, own, and operate (DFBOO) basis.  The project is implemented by Masdar Armenia 1, a joint company set by Masdar and ANIF.

Shareholding structure: ANIF will own 15 percent of shares, while Masdar will own 85 percent. The joint company may choose to resort to debt financing- engaging resources from international or local banks

Estimated project size: USD 174 mln

Project location: The solar plant will be located on a land of around 500 hectares in the  communities of Talin and Dashtadem. The area is high in solar radiation and the land is unusable for agricultural purposes

Project Construction and start of operation: The start of operation of the photovoltaic power plant is envisaged in 2025, and in 2023-2024, the company will be actively involved in the construction of the substation.

Benefits: The project aims to help develop clean energy infrastructure in Armenia, as part of Armenia’s aspiration to low carbon future. The project will boost new industries, generate direct and indirect jobs, and put the country on the radar of investors in the Renewables area.

Upcoming Developments/Milestones: Signing the GSA; Signing the PPA; Financial close; Construction.

Scaling potential: Further discussions are under way on another 200 MW project


  • Around USD 600K in social development projects will be allocated to Talin and Dashtadem communities of Armenia. ANIF is committed to ensure lasting positive social impact of its projects. Social investment projects will be designed to create additional social and economic value for the adjacent communities.
  • The joint company will conduct a project EIA in compliance with Armenian legislative requirements and best international practice Masdar is committed to.
  • Construction activities will be carried out with outmost care for the safety and well-being of the communities and with the engagement of local workforce where possible.