The World Bank’s International Finance Corp (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Union (EU) said they would finance the development of the first utility-scale solar power plant in Armenia, Reuters reported.

According to it, 'the project includes the development, construction, and operation of a 55-megawatt power plant and a nine-kilometer transmission line in Armenia’s Mets Masrik municipality.'

IFC and EBRD each vowed to allocate $17.7 million long-term loans for the project, while the EU would offer EUR 3 million investment grants.