Armenia and UAE's Masdar eye 500MW solar, wind energy projects
MoU signed for collaboration on solar energy (200MW), onshore wind (200MW), and floating solar power (100MW) schemes
Abu Dhabi Future Energy Company (Masdar) and the Republic of Armenia have signed an agreement to explore further collaboration across the solar energy, onshore wind, and floating solar power sectors, with a respective capacity focus of 200MW, 200MW, and 100 MW.
Signatory David Papazian, chief executive officer of Armenian National Interests Fund, said the agreement was the “first of many on a government-to-government level between the UAE and Armenia”.
Armenia is already a significant producer of hydroelectric power, Masdar said in a statement, adding that many of the country’s 200 rivers and lakes are suitable for floating solar power projects.
With wind speeds of 8.5 metres per second and above, much of Armenia is also ideal for wind farm development.
HE Armen Sarkissian, President of Armenia, conducted a state visit to the UAE in January, delivering a keynote speech at Abu Dhabi Sustainability Week 2019.
“Since elevating the relationship between the UAE and Armenia in January, it is symbolic that our first investment agreement is about renewables,” Papazian added.
“Whilst there has been a long-standing diplomatic relationship, this Armenian government is intent on renewing and deepening its ties with our friends in the UAE. This agreement is a testament to our joint commitment to carry out this ambition.”
A full member of the Abu Dhabi-headquartered International Renewable Energy Agency since 2010, Armenia is looking to generate more 26% of its domestic power needs from renewable energy sources by 2025.