Fotowatio Renewable Ventures (FRV) is developing a 55-megawatt solar power project. The Armenian Renewable Resources and 5kw off grid solar systes price Energy Efficiency Fund awarded the project to FRV in 2018. The project is expected to power 21,400 Armenian families. The project is located in Mets Masrik, Gegharkunik Province, Armenia.
The International Finance Corporation is the financial arm of the World Bank Group. According to its press release, the International Finance Corporation and the European Bank for Reconstruction and Development will provide a debt financing plan of US$35.4 million, including two long-term loans of US$17.7 million to FRV. The IFC statement added that the EU will also provide an investment grant of 3 million euros ($3.42 million).
According to the International Finance Corporation, the project may generate more than 128 gigawatts of electricity each year, offsetting the 40,000 tons of carbon emitted into the atmosphere each year. The electricity generated will be sold to the Armenian power network.
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