Abu Dhabi Future Energy Company (Masdar) has signed a Memorandum of Understanding (MoU) with the Armenian National Interests Fund (ANIF) to collaborate in developing 500 MW of renewable power projects. Masdar aims to develop 200 MW of solar PV projects, 200 MW of onshore wind projects and 100 MW of floating solar power projects in Armenia.
Armenia's economic growth has boosted electricity consumption, which rose by 19% between 2010 and 2017. Hydropower covered 29% of the power mix in 2017 but the share of other renewable energy sources is still limited (less than 1%), as the country only had 20 MW of solar capacity and 5 MW of wind capacity at the end of 2018. According to the Scaling Up Renewable Energy Program for Armenia (SREP Armenia) set up in 2014, Armenia aims to raise the share of renewables in its power generation to 21% in 2020 and to 26% in 2025, by raising renewable power capacities to 677 MW by 2025, including 397 MW of small hydro, 100 MW of wind, 100 MW of geothermal and 80 MW of solar PV.
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