The Abu Dhabi Future Energy Company, better known as Masdar, announced last week that it has signed a Memorandum of Understanding (MoU) with the Armenian National Interests Fund (ANIF) to explore collaborating on 200 megawatt (MW) of solar PV, 200 MW of onshore wind, and another 100 MW of floating solar PV.
Mohamed Jameel Al Ramahi & David Papazian
Image Credit: Masdar
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and David Papazian, Chief Executive Officer of the Armenian National Interests Fund (ANIF), signed a memorandum of understanding on last Friday to jointly explore collaborating on a total of 500 MW of renewable energy capacity in the former Soviet republic of Armenia.
According to Masdar, much of Armenia is well-suited to wind and solar development, with wind speeds of 8.5 metres per second and above common solar energy across the country, and receiving an estimated 1,720 kilowatt-hours (kWh) of solar energy per square metre, compared with an average of 1,000 kWh per square metre in Europe.
“It is a great honour to be in Yerevan to discuss the bright renewable energy future of Armenia, and to establish formal ties with the Armenian National Interests Fund,” said Al Ramahi, addressing a high-level audience of government, business, and media last week. “As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy.
“At Masdar, as the renewable energy company of both Abu Dhabi and Mubadala Investment Company, we are excited to have this opportunity to further strengthen the relationship between Armenia and the UAE, and to share with our hosts our 13 years of experience delivering renewable energy projects around the world. We look forward to supporting Armenia in the realisation of its bold sustainability targets.”
“This agreement is the first of many on a government-to-government level between the UAE and Armenia,” added David Papazian of the Armenian National Interests Fund (ANIF). “Mr Al Ramahi and his team are not only our guests; we are giving them a home away from home in Armenia, as we have to His Excellency Ahmad Al Sayegh, Minister of State to the UAE.”
“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.”
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