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Abu Dhabi's own energy company, Masdar, said it was pursuing renewable energy opportunities in Armenia, a country with "considerable" potential for developing solar and wind energy. .
Masdar and the Armenian National Interest Fund signed an agreement to explore collaboration in the fields of solar photovoltaic (PV), onshore wind energy and floating solar energy, the company said in a statement. communicated.
"As the fastest growing economy of the Eurasian Economic Union, supported by an increasingly open and supportive regulatory environment, Armenia is a promising place for investment in the economy." Solar energy and wind, "said Mohamed Jameel Al Ramahi, general manager of Masdar.
Masdar, wholly-owned by investment firm Mubadala of Abu Dhabi, is expanding its clean energy projects and plans to double its renewable energy capacity in five years through new projects in Asia and the Americas, Reuters reported in January, citing Al Ramahi.
Armenia is already a major producer of hydropower, as many of the country's more than 200 rivers and lakes are suitable for floating solar projects, according to Masdar.
A large part of Armenia is also ideal for the development of wind farms, with wind speeds of 8.5 meters per second and up.
The country also receives an estimated solar energy of 1720 kilowatt-hours (kWh) per square meter, compared to an average of 1,000 kWh per square meter in Europe.
Armenia aims to generate more than a quarter of its domestic energy needs from renewable energy sources by 2025 and limit its carbon emissions to 633 million metric tons of equivalent energy. CO2 between 2015 and 2050, according to Bloomberg New Energy Finance.
"This agreement is the first of many agreements between the United Arab Emirates and Armenia between governments," said David Papazian, director general of the Armenian National Interest Fund.
Armenian President Armen Sarkissian paid a state visit to the UAE in January.
"Since the rise of the relationship between the UAE and Armenia in January, it is symbolic that our first investment agreement concerns renewable energies," Papazian said.
Abu Dhabi's action in renewable energy is part of the country's goal of diversifying its sources of energy. The UAE plans to cover 7% of their solar energy needs from 2020.
Last Updated: July 13, 2019 12:05
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