YEREVAN, DECEMBER 2, ARMENPRESS. The cooperation between Armenia and the United Arab Emirates (UAE) in the field of renewable energy enters into a practical stage.

The signing of an agreement in this field between the UAE’s Masdar renewable energy company and the Armenian National Interest Fund (ANIF) appeared under the spotlight of the Arab media.

Gulf News reported that Masdar, one of the world’s leading renewable energy companies, has entered into a formal agreement with the Armenian National Interests Fund, ANIF, to develop solar power projects with a total capacity of 400 megawatts (MW) in Armenia, an investment of between US$300 million and US$320 million into the Armenian economy.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, a Mubadala company, and David Papazian, Chief Executive Officer of ANIF, a state-owned foreign direct investment vehicle, signed a joint development agreement, JDA, at a private ceremony in Abu Dhabi on Saturday, witnessed by Armen Sarkissian, President of the Republic of Armenia, Suhail Al Mazrouei, the UAE Minister of Energy and Industry and Khaldoon Al Mubarak, Chief Executive Officer of Mubadala Investment Company.

Chief Executive Officer of Masdar Mohamed Jameel Al Ramahi said it’s a great honor to sign an agreement in the presence of the Armenian President and their leadership at Mubadala, to reaffirm their dedication to Armenia and the achievement of its renewable energy goals.

Armenia has pledged to generate 30 per cent of its electricity from renewable sources by 2025 and has the potential to integrate as much as 1,000MW of solar energy, Gulf News reported.

Emirates News Agency, the official news agency of the United Arab Emirates, also touched upon this agreement, stating that the first project planned under the JDA is a 200MW utility-scale solar photovoltaic (PV) plant in the west of Armenia that will use cutting-edge bifacial technology to produce electricity from both direct and reflected sunlight.

The news agency also reminded that back in January 2019 Armenian President Armen Sarkissian conducted a state visit to the UAE, delivering a keynote address at Abu Dhabi Sustainability Week. “President Sarkissian will return to Abu Dhabi to speak at the Youth 4 Sustainability Forum at ADSW 2020, which takes place from January 11th-18th”, the Emirates News Agency wrote.