Fotowatio Renewable Ventures (FRV), a developer of renewable energy utility-scale projects, will develop a 55 MW solar photovoltaic (PV) project in Armenia. The Armenia Renewable Resources and Energy Efficiency Fund has awarded the project to FRV.
The project will be called Masrik-1 plant, and will power 21,400 Armenian homes and will reduce greenhouse gas emissions by approximately 54,000 tons of CO2 into the atmosphere each year. The project will be spread over an approximate area of 100 hectares.
FRV is expected to begin construction in early 2019 and commission the project by the end of 2020. The development of this grid-connected solar PV project will create employment opportunities for 300 individuals.
Nicolás Fasquelle, FRV´s Managing Director for Middle East and Africa, said, “Armenia’s growing drive to boost renewable energies constitutes a decisive factor when it comes to committing to the country, since it presents numerous opportunities to carry out clean energy projects. With this award, we have achieved two objectives – continuing to lead the industry, and contributing to a more sustainable future, generating wealth and employment in green energies in the regions where we operate.”
According to Mercom’s India Solar Project tracker, FRV recently commissioned a 50 MW grid-connected solar PV project in India.
In April 2017, FRV had raised $29 million (~₹1.86 billion) in non-convertible debentures (NCDs) from the International Finance Corporation (IFC) to fund 100 MW of solar projects in India.