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UAE’s Ocean Holding LLC to invest 100 mln USD to buid solar power plants in Armenia

UAE’s Ocean Holding LLC to invest 100 mln USD to buid solar power plants in Armenia


Armenia’s Ministry of Energy Infrastructures and Natural Resources and Ocean Holding LLC of the United Arab Emirates signed a memorandum of understanding on 100 million USD investments within the framework of the ongoing Armenia-UAE

UAE’s Ocean Holding LLC to invest 100 mln USD to build solar power plants in Armenia | ARMENPRESS Armenian News Agency

Investment Forum in Abu Dhabi, reports “Armenpress”.

Ocean Holding plans to invest 100 million USD in Armenia to build and operate solar power plants by using the best available technologies of the field. The Ministry will facilitate Ocean Holding’s activity in Armenia. The investments will be made at several stages.

Hayk Harutyunyan, Deputy Minister of Energy Infrastructures and Natural Resources, said after various examinations and discussions it was decided that the company will build solar power plants in Armenia in the upcoming 3 years. “The investment program will launch this year, and nearly 100-120 megawatts 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 2 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”, the Deputy Minister said.

He considered the renewable energy and in particular solar energy field as a prospective investment field and said he expects positive results from the Investment Forum. “A wide circle of investors gathered who are widely interested in the renewable energy field, and this is just the first step”, the Deputy Minister said.

While on a working visit in the United Arab Emirates, President of Armenia Serzh Sargsyan on March 22 took part in the Armenia-UAE Investment Forum in Abu Dhabi. The Forum was organized under the auspices of President Serzh Sargsyan and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The Forum, which was organized by the Development Foundation of Armenia and Abu Dhabi Chamber of Commerce, aims at boosting the economic ties between Armenia and the Arab countries, the contacts between businessmen, presenting Armenia’s investment environment and mutually beneficial investment programs in various fields. The Forum is attended by over 300 participants, including officials, heads of funds, representatives of international organizations, foreign investment companies operating in Armenia.

Anand Gupta Editor - EQ Int'l Media Network


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