Arab Company Masdar Begins First Investment Project in Armenia

The President of the Republic, Armen Sarkissian, received representatives from the Arab company's Masdar, Mohammed Al Shihhi and Vipul Goyal. Masdar is set to begin its first investment project in Armenia's renewable energy sector, which will soon commence under the "AYG-1" solar photovoltaic program.

The agreement to implement investment projects in Armenia by Masdar, considered a leader in the renewable energy sector globally, was reached during President Armen Sarkissian's official visit to the United Arab Emirates. A memorandum of understanding was signed in 2019 in Abu Dhabi between the Armenia Fund and Masdar, concerning the implementation of projects totaling 400 MW in Armenia's renewable energy sector.

During the meeting with Masdar representatives, President Sarkissian expressed satisfaction that the high-level agreements reached during visits to the UAE are being realized. “We expect new investment and cooperation programs in other areas, including technology, agriculture, logistics, and more. Our countries have significant potential for collaboration,” noted President Sarkissian.

The representatives of Masdar and David Papazyan, the Executive Director of the Armenian National Interests Fund (ANIF), provided information about the scale of the new project, the implementation process, and the anticipated results.