A Memorandum of Understanding to Invest 100 million USD in Solar Energy Sector Has Been Signed

On March 22, at the "Armenia-United Arab Emirates" investment conference a memorandum of understanding has been signed between the Ministry of Energy Infrastructures and Natural Resources and "Ocean Holding" (UAE) company on making investments in the solar energy sector. Within the frameworks of the Memorandum "Ocean Holding'' aims to invest 100 million USD to build and operate photovoltaic stations.

According the Deputy Minister of Energy Infrastructures and Natural Resources Hayk Harutyunyan, the investment project will be launched this year. Around 100-120 MW power capacity plants will be built, which will produce 3-4% of the electrical energy demand in the country.