July 5 (Solar) – Spain’s Fotowatio Renewable Ventures (FRV) will initiate construction on a 55-MW solar project in Armenia early next year, aiming to bring the plant online by end-2020.
FRV and its unit FSL Solar won the project in a tender held by the Armenia Renewable Resources and Energy Efficiency Fund with a bid of USD 0.0419 (EUR 0.0359) per kWh. The so-called Masrik-1 scheme will be FRV’s first development in the Asian country, it said on Monday.
To be constructed at a 100-ha (247-ha) site near the village of Masrik, Gegharkunik province, the solar park will be the nation's first large photovoltaic (PV) complex. Its output will be enough to meet the demand of around 21,400 homes and will help save about 54,000 tonnes of carbon dioxide (CO2) emissions per year.
Around 300 job positions are expected to be opened during the construction phase of the project, FRV said in the statement.
The Spanish firm noted it will proceed with its expansion in the region, which it considers an area with great potential.
(USD 1.0 = EUR 0.858)