International Finance

UAE’s Masdar targets Armenia in global renewable energy push

Masdar and Armenia will collaborate on solar energy, onshore wind and floating solar power with total 500MW capacity

UAE’s Abu Dhabi Future Energy Company, also known as Masdar, is seeking renewable energy opportunities in the Republic of Armenia. For that, they have signed a Memorandum of Understanding to collaborate on solar energy, onshore wind and floating solar power, with a capacity of 200MW, 200MW, and 100 MW respectively.  

  Masdar CEO Mohamed Jameel Al Ramahi and CEO of the Armenian National Interests Fund (ANIF) David Papazian signed the Armenia-Masdar renewable energy MoU, according to several media reports. 

Al Ramahi said that Armenia has a conducive regulatory environment for renewable energy and is the fastest growing economy in the Eurasian Economic Union. It is, therefore, a ‘promising location’ for both solar and wind energy locations. 

Armenia is ideal considering that it has 200 rivers and lakes suitable for floating solar power projects and wind speed of 8.5 metres per second for wind farm development.. The country is already a significant producer of hydroelectric power.

Chief executive of the Armenian National Interests Fund David Papazian said “This agreement is the first of many on a government-to-government level between the UAE and Armenia. 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 Ahmad Al Sayegh, Minister of State to the UAE.” 

The country is planning to generate nearly 26 percent of domestic power from renewable energy by 2025.  Al Ramahi said “We look forward to supporting Armenia in the realisation of its bold sustainability targets.”

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