Construction of largest solar power plant in Armenia jointly with Emirati company MASDAR will start in early 2026
YEREVAN /ARKA/ — Armenia and the UAE have agreed to begin the construction of the industrial-scale photovoltaic solar power plant “Ayg-1” in Armenia in early 2026.
The construction of the power plant was discussed by Armenian Minister of Economy Gevorg Papoyan with CEO of MASDAR, Mohammed Jamil Al-Ramahi, during a working visit to the UAE. A roadmap for the upcoming work was approved, as reported by the press service of the Armenian Ministry of Economy.
Both parties highly praised the results of the negotiations and agreed to continue their cooperation.
An agreement with the Emirati company MASDAR for the design, financing, construction, and operation of the plant was signed in November 2021. The solar power plant, with an installed capacity of 200 MW, will occupy an area of 500 hectares in the Talin and Dashtadem communities of the Aragatsotn region of Armenia. The total investment cost for the project is estimated at $174 million.
It was initially planned that 15% of the solar power plant would belong to the Armenian ANIF fund (the fund, which was established by the state in 2019 to attract foreign investment in partnership with the private sector, was liquidated in August 2024. Financial problems, particularly in the accounting documentation, were identified in the fund – ed.).
MASDAR, a company registered in the UAE, is a subsidiary of the UAE’s sovereign wealth fund, Mubadala Investment Company.
