YEREVAN, JUNE 7, ARMENPRESS. Caretaker Deputy Prime Minister of Armenia Tigran Avinyan received a delegation from Masdar Company, which comprised Head of Bids Department Mohammed al-Shehhi and Manager at the Bids Department Vipul Goyal, the Armenian government reports.

The caretaker Deputy Prime Minister felicitated the company on winning the tender for construction of the AYG-1 solar photovoltaic station. Masdar is a subsidiary of the UAE-based Mubadala Investment Company, with total assets of $220 billion, and one of the world’s leading companies in the field of renewable energy.

This investment program is being implemented after the signing of an agreement between Masdar and the State Interests Fund of Armenia in November 2019. The parties expressed mutual interest in implementing joint projects in the field of renewable energy with a total capacity of 400 MW. The program provides a generation capacity of 200 MW at a cost of 2.90 cents per kWh.

The solar power plant to be built by Masdar Company will be located in Talin and Dashtadem communities. Masdar Company will be the beneficiary of 85% of the shares of the program, and 15% of the shares will be held by the State Interests Fund of Armenia.

The construction of the solar plant will take 24 months. The cost of the project is $174 million, which will be fully implemented by the Emirati side. The project will have a chain effect, contributing to the creation of a number of direct and indirect jobs.