Masdar has signed an MoU to pursue renewable energy opportunities to the tune of 500 MW in solar and wind energy projects in Armenia.
Masdar or the Abu Dhabi Future Energy Company has announced the signing of a Memorandum of Understanding (MoU) to pursue renewable energy opportunities in the Republic of Armenia, a country with considerable potential for solar and wind energy development.
Mohamed Jameel Al Ramahi, CEO of Masdar, and David Papazian, CEO of the Armenian National Interests Fund (ANIF), recently signed the MoU to explore collaboration in solar photovoltaic (PV) energy, onshore wind power, and floating solar power projects in the country.
As per the information provided by the firm, the MoU grants the Abi Dhabi-based energy company to work on a cumulative 500 MW of renewable energy projects which will be divided into Solar PV (200 MW), Onshore Wind Energy projects (200 MW) and Floating solar projects (100 MW).
Addressing the audience, Al Ramahi said, “It is a great honour to be in Yerevan to discuss the bright renewable energy future of Armenia and to establish formal ties with the Armenian National Interests Fund. As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy.”
Armenia is already a significant producer of hydroelectric power, and many of the country’s more than 200 rivers and lakes are suitable for floating solar power projects. With wind speeds of 8.5 metres per second and above, much of Armenia is also ideal for wind farm development, while the country receives an estimated 1,720 kilowatt-hours (kWh) of solar energy per square metre, compared with an average of 1,000kWh per square metre in Europe.
“This agreement is the first of many on a government-to-government level between the UAE and Armenia,” said David Papazian of the Armenian National Interests Fund.
A full member of the Abu Dhabi-headquartered International Renewable Energy Agency (IRENA) since 2010, Armenia aspires to generate more than a quarter (26%) of its domestic power needs from renewable energy sources by 2025, and hopes to cap its carbon emissions at 633 million metric tons of CO2 equivalent between 2015 and 2050, according to Bloomberg NEF.
“At Masdar, as the renewable energy company of both Abu Dhabi and Mubadala Investment Company, we are excited to have this opportunity to further strengthen the relationship between Armenia and the UAE, and to share with our hosts our 13 years of experience delivering renewable energy projects around the world,” Al Ramahi added. “We look forward to supporting Armenia in the realisation of its bold sustainability targets.”