Abu-Dhabi-based renewable energy company Masdar has been selected by the government of Armenia as the winning bidder to build the country’s biggest utility-scale solar project.

An estimated $174 million (£126.1m) will be invested in the 200MW plant that will span more than 500 hectares.

The tender was part of an agreement signed between Masdar and the Armenian National Interest Fund CJSC to develop renewable energy projects with a total capacity of 400MW in the country.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “This is a vital stage in Armenia’s clean energy journey; low-cost solar energy will help power new industries, generate jobs and set the country on the path to a prosperous and truly sustainable future.”