FRV, a renewables developer based in Madrid and part of Saudi Arabia’s Jameel Energy, has completed a 62 MW solar plant in Masrik, Gegharkunik province, Armenia. The project was constructed in collaboration with China Machinery Engineering Corp. (CMEC), marking a significant step in Armenia’s renewable energy development.

Masrik-1 solar plant

Awarded to FRV through a competitive tender in 2018 by Armenian authorities, the solar plant secured funding from multiple international partners. The International Finance Corp. (IFC), the private-sector arm of the World Bank, provided an $8.9 million loan, matched by a loan from the Finnish government via the Finland-IFC Blended Finance for Climate Program. The European Bank for Reconstruction and Development (EBRD) contributed $17.7 million, totaling $35.5 million in loans. Additionally, the European Union provided a €3 million ($3.4 million) grant, with Ameriabank also supporting the project’s financing.

The Masrik solar facility will supply electricity to the Electrical Networks of Armenia CJSC (ENA) under a long-term power purchase agreement (PPA), ensuring a stable energy output for the national grid. The plant strengthens Armenia’s renewable energy infrastructure, which had 485 MW of installed solar capacity by the end of 2024, according to the International Renewable Energy Agency (IRENA).

FRV’s collaboration with CMEC and international financial institutions highlights a shared commitment to advancing sustainable energy solutions. The project is expected to contribute to Armenia’s clean energy goals, supporting economic growth and environmental sustainability in the region.