Spain’s FVR to develop $57.1 million solar power plant in Armenia

Spanish solar energy projects developer Fotowatio Renewable Ventures (FRV) has won a customs benefits for import of equipment from the government to build the Masrik-1 solar power plant in Gegharkunik, Armenia.

FVR, part of Abdul Latif Jameel Energy and Environmental Services, intends to invest almost 27.8 billion Armenian drams ($57.1 million) to construct the power plant in Armenia and create more 4 new jobs in the region.

The power plant will be constructed by the consortium of the FRV and Spanish rival FSL Solar S.L, which won the tender after offering to sell power to the local grid at a price of $0.0419 per kilowatt per hour.

The project, which will be completed no later than in 2020, is part of the national plan for the development of renewable energies.