The UAE-based, state-owned renewables company had its original suggestion of a $0.0299/kWh price for the solar power generated refused by Yerevan, with the government putting the project out to a competitive tender. Masdar has won the bidding, but at a reduced energy tariff.
That was just one of the revelations of the latest Dentons’ Guide to renewables investment in Europe, which also noted solar plants could be switched off in Slovakia, Ireland could go either way on clean power pricing, and Luxembourg is struggling with a surprising headache.
It has been two years since Fotowatio Renewable Ventures won the bid to develop the 55 MW site and with finance finally secured, the build can go ahead.
The government is being helped by the European Bank for Reconstruction and Development as it designs a new net metering system. The country already supports large scale PV plants and small solar parks.
The Abu Dhabi-based clean energy group has entered into a formal agreement with an investment fund to develop 400 MW of PV capacity in Armenia, with a projected investment of up to $320 million.
The projects will be tendered under single-round competitive bidding processes, supervised by the European Bank for Reconstruction and Development.
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