ARMENPRESS informs that the cooperation between Armenia and the United Arab Emirates (UAE) in the field of renewable energy enters into a practical stage. The UAE’s Masdar renewable energy company and the Armenian National Interest Fund (ANIF) signed an agreement according to which, solar power projects with a total capacity of 400 megawatts (MW) will be developed in Armenia. This means an investment of between US$300 million and US$320 million into the Armenian economy.

Arab periodical Gulf News quoted Chief Executive Officer of Masdar Mohamed Jameel Al Ramahi saying that it was a great honor to sign an agreement in the presence of the Armenian President and their leadership at Mubadala, to reaffirm their dedication to Armenia and the achievement of its renewable energy goals.

Emirates News Agency, the official news agency of the United Arab Emirates, also touched upon this agreement, stating that the first project planned under the JDA is a 200MW utility-scale solar photovoltaic (PV) plant in the west of Armenia that will use cutting-edge bifacial technology to produce electricity from both direct and reflected sunlight.

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