Abu Dhabi Future Energy Company (Masdar) has signed an MoU with the Republic of Armenia to explore collaboration in solar photovoltaic (PV) energy (200MW), onshore wind power (200MW) and floating solar power (100MW)
Mohamed Jameel Al Ramahi, CEO of Masdar, said, ?As the fastest growing economy in the Eurasian Economic Union, backed by an increasingly open and supportive regulatory environment, Armenia is a promising location for investment in both solar and wind energy.?
Armenia is a significant producer of hydroelectric power and many of the country?s more than 200 rivers and lakes are suitable for floating solar power projects. With wind speeds of 8.5 metres per second and above, the country is very much for wind farm development, while it receives an estimated 1,720 kWh of solar energy per sq m, compared with an average of 1,000 kWh per sq m in Europe.
?Since elevating the relationship between the UAE and Armenia in January, it is symbolic that our first investment agreement is about renewables,? David Papazian, CEO of the Armenian National Interests Fund (ANIF) said.
The agreement aims to develop long-standing diplomatic relations between the UAE and the Armenian government, adopting bold sustainability targets.
A full member of the Abu Dhabi-headquartered International Renewable Energy Agency (IRENA) since 2010, Armenia aspires to generate more than a quarter (26 per cent) of its domestic power needs from renewable energy sources by 2025 and hopes to cap its carbon emissions at 633 mmt of CO2 equivalent between 2015 and 2050, according to Bloomberg New Energy Finance.
Armen Sarkissian, President of Armenia, conducted a state visit to the UAE in January 2019. Further underlining Armenia?s commitment to diversify its energy mix, President Sarkissian delivered a keynote speech at Abu Dhabi Sustainability Week 2019, the world?s largest sustainability gathering.
