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Masdar to Pursue Renewable Energy Opportunities in Armenia

Power News - Published on Fri, 19 Jul 2019

Image Source: Masdar
Abu Dhabi Future Energy Company Masdar is pursuing renewable energy opportunities in the Republic of Armenia, a country with considerable potential for solar and wind energy development. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and David Papazian, Chief Executive Officer of the Armenian National Interests Fund signed a memorandum of understanding (MoU) to explore collaboration in solar photovoltaic energy (200MW), onshore wind power (200MW), and floating solar power (100MW).

Addressing a high-level audience of government, business and media, Mr Al Ramahi said that“It is a great honour to be in Yerevan to discuss the bright renewable energy future of Armenia, and to establish formal ties with the Armenian National Interests Fund. 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.”

Mr Al Ramahi added that “At Masdar, as the renewable energy company of both Abu Dhabi and Mubadala Investment Company, we are excited to have this opportunity to further strengthen the relationship between Armenia and the UAE, and to share with our hosts our 13 years of experience delivering renewable energy projects around the world. We look forward to supporting Armenia in the realisation of its bold sustainability targets.”

Mr David Papazian of the Armenian National Interests Fund said that “This agreement is the first of many on a government-to-government level between the UAE and Armenia. Mr Al Ramahi and his team are not only our guests; we are giving them a home away from home in Armenia, as we have to His Excellency Ahmad Al Sayegh, Minister of State to the UAE.”

Mr Papazian added that “Since elevating the relationship between the UAE and Armenia in January, it is symbolic that our first investment agreement is about renewables. Whilst there has been a long-standing diplomatic relationship, this Armenian government is intent on renewing and deepening its ties with our friends in the UAE. This agreement is a testament to our joint commitment to carry out this ambition.”

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Posted By : Sanju Moirangthem on Fri, 19 Jul 2019
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