Masdar has applied to EBRD for finance for a 200MW solar project in Armenia.
The application is for a secured limited recourse project finance facility for $41m (senior loan) coupled with a concessional loan of up to $6m by Clean Technology Fund (CTF).
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The solar project will be located in the towns of Talin and Dashtadem of the Aragatsotn region in the west of Armenia.
The development vehicle is incorporated in Armenia and is 85% owned by Masdar.
The project will contribute to the strategic priority of the Government of Armenia to increase the share of renewable projects in the national energy mix and decrease its reliance on fossil fuel generation.