According to the Bank's website, this project finances the development, construction, operation and maintenance of a solar photovoltaic plant located in the municipality of Mets Masrik. The plant will be connected to the national grid through a 9.2km high voltage overhead transmission line also financed as part of the project.
An environmental and social action plan has been created. The project site is 7km from Lake Sevan.
The project's development impact includes: (i) Reduction of GHG emissions, by increasing the share of electricity supply from renewable sources, (ii) Improving energy security and lowering generation costs, by reducing the country's reliance on imported fuels for power generation, and (iii) Further strengthening competitiveness of the sector, by supporting the development of the first competitively tendered utility-scale solar IPP in the country.
Finland-IFC Climate Change Programme (FINCP) is considering providing a loan of USD11 million and a mezzanine loan of up to USD3.5 million.
FRV Masrik CJSC is a special purpose company incorporated in Armenia, wholly owned by FRV La Providencia SL (75%) and FSL Solar SL (25%).
Fotowatio Renewable Ventures
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