Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel, was selected as the winning bidder in a tender for the construction of a 55-MW solar park in Armenia. The Spanish firm and its unit FSL Solar SL won the tender after offering to sell power to the local grid at a price of USD 0.0419 (EUR 0.0341) per kWh. On announcing the winning bid on Friday, the Armenian Ministry of Energy Infrastructures and Natural Resources pointed out that the price is lower than the AMD 23.8 (USD 0.0495/EUR 0.0404) per kWh, at which electricity from hydropower plants is sold in the country.

The 55-MW solar park, called Masrik-1, will be constructed near the village of Masrik, Gegharkunik province, and will be the nation’s first large photovoltaic (PV) complex. Preliminary estimates, the PV scheme will require an investment of USD 50 million. Construction of the plant is expected to begin later this year and be completed by 2020. The Masrik-1 project is part of a government investment strategy for the addition of up to 110 MW of PV capacity at six locations across Armenia. Last July, Armenia pre-qualified 10 companies and consortia to take part in the final phase of the international tender.