LONDON/DUBAI ‒ Bracewell LLP represented Fotowatio Renewable Ventures (FRV) as sponsors’ counsel in relation to the development of the first utility-scale solar plant in Armenia. Financing for the project is provided by International Finance Corporation (a member of the World Bank Group) and the European Bank for Reconstruction and Development. The project also benefits from an investment grant provided by the European Union.
The 55 MW power plant, located in the municipality of Mets Masrik in Gegharkunik province, will generate enough energy to power 21,400 homes and will reduce Armenia’s carbon emissions by 40,000 tons per year. The project marks a strategic shift away from imported fossil fuels and toward sustainable and low-cost renewable energy. It will provide a range of new jobs and is a landmark development for Armenia and the wider Caucasus region.
The project is expected to generate more than 128 GWh of electricity annually at a competitive tariff of ȼ4.19 per KWh. The electricity will be sold under a power purchase agreement with Electricity Networks of Armenia CJSC.
FRV is part of Abdul Latif Jameel Energy, a global leader in utility-scale renewable energy projects.
Bracewell lawyers involved in the transaction included:
Partners: Oliver Irwin and Tom Swarbrick
Counsel: Leslie M. Hansen
Associates: Ben Pridgeon, Ade Mosuro, Shayan Najib and Miles Tonkin