Masdar (Abu Dhabi Future Energy Company) has been awarded a contract to construct a $174 million utility-scale solar plant in Armenia. Following Masdar's initial bid of $0,0299/kWh in December 2019, the Armenian government launched an international tender. Masdar decided to submit a final price of $0,0290/kWh following a competitive process.

The 200-megawatt (MW) plant would be built in Armenia's Talin and Dashtadem villages, where solar radiation is abundant and the terrain is also unsuitable for agricultural purposes.

The project would be constructed on a design, finance, build, own, and operate (DFBOO) basis, and Masdar will be owning 85% of the project firm and the Armenian National Interest Fund CJSC (ANIF) retaining 15%.

Masdar CEO Mohamed Jameel Al Ramahi stated, "By winning the tender for Armenia's largest utility-scale solar project, Masdar wants to enter an interesting new era in our relationship with our allies at ANIF and the Armenian government." This is indeed a critical step forward in Armenia's clean energy mission. Solar energy at a low cost can help power new businesses, create more employment opportunities, and place the country on the path towards a prosperous and environmentally sustainable future.”

ANIF CEO David Papazian stated, "From the Chairman down, we have worked extremely hard to finalize this acquisition." It appears like we've been working on this for decades, but at the same time, we also understand that this is by far the greatest single foreign investment in green energy in the area and the second-largest foreign direct investment in Armenian history.”