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.
Work is heating up on 10 MW of solar PV plants in Armenia, which were commissioned under a special tariff announced in December 2016. Three MW have already been commissioned, with the rest scheduled for completion in 2018. Additional utility-scale quotas are also set to be published next year.
The Armenian government introduced a special tariff for PV projects up to 1 MW in late 2016.
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