The Climate Investment Funds and the World Bank allocate grant and soft loans to the Government of Armenia for the project. 6 sites have been selected for the construction of solar PV plants of about 110 MW total capacity. Spanish Ares Engineering has implemented and submitted feasibility studies for the selected sites.
The 6 sites are: Masrik-1 – 55 MWp, Masrik 2 – 19 MWp, Gagarin – 15 MWp, Talin 2 – 12 MWp, Merdzavan – 5 MWp, Dashtadem – 12 MWp,
In May 2018, the Government of Armenia issued a letter of award to a consortium of Fotowatio Renewable Venture B.V.(FRV) and FSL Solar for Masrik-1 project. Another five solar projects are expected to be launched in a second round of competitive bidding in the near future.