Ocean Holding plans to invest US$100 million for development of solar projects in Armenia

The funding will help develop nearly 100-120MW worth of power plants in Armenia. Image: Portland General Electric / Flickr

The Armenian Ministry of Energy Infrastructures and Natural Resources announced Wednesday that it has signed a memorandum of understanding with Ocean Holding of the United Arab Emirates for the development of solar projects within the country.

Per terms of the deal, Ocean Holding with invest US$100 million in Armenia to both build and develop solar power projects. The ministry will facilitate Ocean Holding’s activity within the country, while the funding will be issued in several stages.

Hayk Harutyunyan, deputy minister of energy infrastructures and natural resources, told state-owned press agency Armenpress that it expects Ocean Holding to develop solar plants within Armenia in the upcoming three years.

Harutyunyan noted: “The investment program will launch this year, and nearly 100-120MW power plants will be constructed in phases which will produce 3-4% of country’s electricity demand. We have ready programs which were developed within the last two years aimed at presenting them to investors. They cover in-detail all technical data, all pieces of lands. The proposal was also submitted to this company, but they can select other lands.”

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