Investment Opportunities

Investment Project of Solar PV Plants construction


The cost of solar photovoltaic (PV) power plant technologies has decreased by about 80% during recent years, and therefore the volume of capital investments has also decreased, i.e the utility-scale solar PV technologies have become competitive with existing energy generating other technologies in Armenia. Preliminary calculations shaw that in the result of this process and using the resources of “Scaling-Up Renewable Energy Program (SREP)” of the Climate Investment Funds as well as attracting additional soft fundings it is possible to get competitive tariff for PV power plants in energy system, which will exclude negative influence on electricity tariff set for end user. This will give an opportunity to  build power plants with higher capacity.

Aiming to  the develop solar PV technologies  the Government of RA has requested “Scaling-Up Renewable Energy Program (SREP)” of the Climate Investment Funds to provide soft funding. Prepared for this purpose Renewable Energy Investment Project (hereinafter Investment Project) hase been approved by financing institution in 2014. According to one of the components of Investment Project, the Climate Investment Funds and the World Bank provided the Government of the Republic of Armenia grants and soft funding for the construction of the first solar PV plants and scaling-up PV technologies in RA.

 In the framework of the Investment Project Armenian Renewable Recourses and Energy Efficiency Fund has implemented the process of Project preparation with the 2 mln. USD grant provided by the World Bank for the Investment Project. Using the Satellite data Armenian Solar map has been prepared. Taking into consideration the existing data 6 sites/landings have been selected for the construction of utility scale solar PV power plant. It is possible to construct solar PV power plants with 110 MW total capacity in selected 6 sites.

According to the 1st stage of «Solar PV plant construction Investment Project» approved by RA Government Protocol Decision 53-37 dated December 29, 2016 it is foreseen to construct a utility-scale Masrik-1 solar PV power plant in Masrik community of Gegharkunik Region of Armenia.

On April 28, 2017 an international tender for pre-qualification of Masrik-1 utility-scale solar PV plant was announced and the number of bidders exceeded 20.

On March 21, 2018 the the international tender for the construction of Masrik-1 utility-scale solar PV plant with peak capacity of 55 MW construction was completed. In accordance with terms of the tender the lowest price introduced a consortium composed of «Fotowatio Renewable Ventures» Dutch and «FSL» Spain companies. That's 4,19 $/cent for 1 kWxh (approx. 20,11 arm.dram) VAT excluded.

On July 18, 2018 the Ministry of Energy Infrastructures and Natural Resources signed a Government Support Agreement «On Design, Finance, Build, Own and Operate Masrik-1 solar photovoltaic (PV) Power Plant at municipality of Mets Masrik in Gegharkunik Marz (Region) of Armenia». On 25 October, 2018 «FRV Masrik» CJSC (Constructor) got a License on electricity production activity from RA Public Services Regulatory Commission (PSRC) and the volume of total investments was estimated for about 58 mln. USD

Construction of additional plants with about 60 MW total capacity will follow-up.

Expected annual electricity generation of all six plants and carbon dioxide reductions:


Site / Community Name

Installed Capacity, /about/ (MW)

Annually generated electricity, /about / (GWxh)

Annual carbon dioxid reduction
/about/ (tonn)






(Under construction)





Mets Masrik

















The Project is aimed at ensuring the State policy of solar energy development  and its implementation mechanisms in RA, i.e. RA economy diversification, RA economic and energy independence strengthening, increasing the reliability of energy system, organization of services and creation of new productions promoting the development of renewable energy and reduction of manmade impact on environment and human health.

Currently tender documentations for other 5 solar PV power plants construction is being prepared.