By 2030, about $600 million is expected to be invested in solar energy production. It is planned to build 1000-megawatt solar photovoltaic stations. According to the director of the Armenia Renewable Resources and Energy Efficiency Fund, they will produce up to 15% of the total amount of electricity. According to Karen Asatryan, they will also develop wind energy; in the next 20 years, they plan to have wind farms with a capacity of up to 500 megawatts.
“These two types of generating stations will be based on public-private partnership, and the proposed electricity tariff will play a predominant role there. It must be competitive. We will have a new type, a new sector, a new level of energy system, in which it will be possible to buy and sell electricity, which will result in the reduction in the price of electricity,” says Karen Asatryan, Director of the Armenia Renewable Resources and Energy Efficiency Fund.
According to Asatryan, Yerevan apartment buildings consume 2-3 times more electricity per square meter than in developed countries. However, the expert also notes that our country has a great potential to save electricity. According to professional estimates, there is a possibility of up to 40% energy savings.
“There are pilot projects that have shown that 60% savings can be achieved in an apartment building, and as you know, most apartment buildings were built 30-60 years ago, and there was no thermal insulation then,” Asatryan states.
The construction of the largest 55-megawatt Masrik-1 solar station in the region was announced in 2019. This will be an energy revolution that will significantly reduce electricity tariffs. Asatryan hopes to reduce the cost of electricity production to a record AMD 15-17 ($0.03). It is 20% cheaper than the price of electricity produced by our hydroelectric power stations. The investment program is implemented in Masrik community of Gegharkunik province.
“Masrik-1 has been completed by us and is under construction. The launch and exploitation are planned in 2024. This competition made it clear that there is a potential and quite competitive market in Armenia, and it developed the solar sector of Armenia,” Asatryan says.
Russian, Arab, Spanish and Chinese companies are interested in developing the sector in Armenia. These companies are participating in tenders for 200-megawatt solar stations to be constructed in Aragatsotn and Kotayk provinces.
According to Karen Asatryan, in the near future it will be announced which companies have won Ayg-1 and Ayg-2 tenders.