ArmInfo. The International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the European Union will become institutional investors in the construction of a solar power plant of industrial importance "Masrik-1" in Armenia. At the meeting on August 13, the RA government approved the signing of a letter to a direct contract between the EBRD and IFC.
As noted in the reference - justification of the draft decision, the Minister of Territorial Administration and Infrastructures of the Republic of Armenia is instructed to submit changes to the cover letter, and sign it on behalf of the RA government.
A member of the World Bank Group, the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the European Union have announced their support for the construction of an industrial solar power plant in Armenia. The plant with a peak capacity of 55 MW, which will be located in the village of Mets Masrik, Gegharkunik region, will increase Armenia's potential in the field of renewable energy and help the country reduce its dependence on imported energy. The station will be built by the Dutch-Spanish consortium Fotowatio Renewable Ventures (FRV), which won an international tender. The company will receive a loan package of $ 35.4 million, of which $ 17.1 is long-term financing from IFC and the EBRD through one-time loans. The program will also receive an investment grant of ? 3 million from the EU, which will be mobilized by the EBRD. IFC's financing package includes a $ 8.9 million loan from the corporation's own funds and $ 8.9 million from co-financing from Finland and the IFC Climate Program. In turn, Ameriabank will provide financing for additional tax payment expenses.
The Masrik solar power plant is expected to generate electricity at a competitive rate of 4.19 cents per kWh. Electricity will be purchased from the CJSC "Electric Networks of Armenia". The implementation of the program will reduce annual carbon dioxide emissions by 40 thousand tons. The expected amount of investments will be about $ 50 million. The plant's capacity will allow producing up to 120 million kWh of electricity annually. The winner of the tender was given six months to draw up contracts for financing the project, followed by two years for the construction of the Lichk power plant and power lines.
