The Armenian National Interest Fund (ANIF) has announced that it has signed a memorandum of understanding (MoU) with energy giant Abu Dhabi Future Energy Company, better known as Masdar. The MoU sets out for a mutual effort to install 500 MW of renewable energy capacity in the sun-based country.
Mohamed Jameel Al Ramahi, CEO of Masdar, signed the initial agreement with David Papazian, CEO of Armenian National Interests Fund (ANIF), at a high-level event in Yerevan, Armenia. The document carves out that Masdar will discover partnership to develop 100 MW of floating PV, an additional 200 MW of land borne PV and 200 MW of onshore wind capacity.
According to Masdar CEO Al Ramahi, the Armenian economy is among the fastest growing on the Eurasian Economic Union. Due to an increasingly open and supportive regulatory environment, Armenia would be a promising market for investment in wind and solar energy assets.
“At Masdar, as the renewable energy company of both Abu Dhabi and Mubadala Investment Company, we are excited to have this opportunity to strengthen the relationship between Armenia and the UAE further, and to share with our hosts our 13 years of experience delivering renewable energy projects around the world,” Al Ramahi said. “We look forward to supporting Armenia in the realization of its bold sustainability targets.”
According to the mutual announcement, Armenia has more than 200 rivers and lakes, with hydroelectric power generation supplying 20% to 40% of the country’s energy mix, depending on rainfall. This indicates that some of the floating capacity could be co-located with hydropower generators.
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