The Project is being carried out by FRV Masrik CJSC, a special purpose company incorporated in Armenia, wholly owned by FRV La Providencia S.L. (75%) and FSL Solar S.L. (25%).

FRV La Providencia S.L. is a 100% subsidiary of Fotowatio Renewable Ventures (“FRV”), based in Spain. FRV is a leading global utility-scale solar power developer with extensive experience in the development and financing of solar PV, thermosolar and wind energy projects on a global scale. FRV is fully owned by Abdul Latif Jameel Group, a Saudi Arabian conglomerate with interests in energy, transportation and financial services, among others.

FSL Solar S.L. (“FSL”) is a solar photovoltaic asset management company based in Spain. FSL owns and operates solar photovoltaic plants with over 100 MW capacity in Spain and Italy.

FRV and FSL are jointly the Sponsors to the Project.                                                 

The total Project cost is estimated at US$57 million. IFC is considering providing a senior loan totalling up to US$11 million. Finland-IFC Climate Change Program (“FINCP”) is considering providing a concessional senior loan with the same amount and a mezzanine loan of up to US$3.5 million. The remaining debt of US$20 million will be provided by European Bank of Reconstruction and Development (EBRD).

The Project is located in the municipality of Mets Masrik, in the Gegharkunik Marz region, Armenia, approximately 170km east of capital city of Yerevan, 11km west of the border with Azerbaijan and 7km from Lake Sevan. The site for the power plant consists of two parts of land plot with a total area of roughly 130ha.

This is a Category B project according to IFC’s Sustainability Policy. The ESIA concluded that the project has manageable impacts due to the avoidance of physical displacement, no cultural heritage, and no Indigenous Peoples in the area.  Potential impacts due to economic displacement and on biodiversity values are also considered to be limited.