For the first time in history, Armenia has given "green light" to the first large-scale industrial solar power plant. This is stated in the World Bank report.

The government has issued a note due to the results of the solar power plant competition, to grant the agreement on the construction of the first independent Electric Power Plant in Armenia "Masrik -1" with a capacity of 55 MW, to "PhotoRadio Range Venture". V (Fotowatio Renewable Ventures B.V) and FSL Solar SL Consortiums.

Among the tenders of five qualified Bidders has won the IRC-led consortium, offering the lowest 4.19 cents / kWh tariff.

During the 20 years of economically efficient operation of the equipment, the project will save about 1 million tons of CO2 and will provide short-term and long-term jobs. Additionally, in the long term, the Masrik-1 station will improve energy security, promoting the development of solar energy and reducing the dependence on imported natural gas.

Masrik-1 solar power plant is the first one in Armenia, as well as in the South Caucasus region. this is also an exciting opportunity for the country to further develop the potential of the renewable energy sector, "said World Bank Manager in Armenia Silvio Bossutgho. "Moreover, the open and competitive procurement procedure implemented by the government is an example for future investment in the country."

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