Renewables developer FRV has completed a 62 MW solar plant in Masrik, Gegharkunik province, Armenia. Madrid-based FRV, which is part of Saudi Arabia's Jameel Energy, built the project in partnership with China Machinery Engineering Corp. (CMEC).
The project was awarded to FRV in a 2018 tender held by the Armenian authorities and was financed by International Finance Corp. (IFC), the European Bank for Reconstruction and Development (EBRD), the European Union, and Ameriabank.
IFC, the private-sector arm of the World Bank, lent $8.9 million to match a loan from the Finnish government through the Finland-IFC Blended Finance for Climate Program. The EBRD provided an additional $17.7 million, bringing total borrowings to $35.5 million. The EU also contributed a €3 million ($3.4 million) grant.
The facility will supply electricity to the Electrical Networks of Armenia CJSC (ENA) under a long-term PPA.
Armenia had 485 MW of installed solar capacity at the end of 2024, according to the International Renewable Energy Agency (IRENA).
