- Ocean Holding LLC of the UAE will be developing solar power projects of 100 MW to 120 MW capacity in Armenia
- It has signed a MoU with the Armenian Ministry of Energy Infrastructures and Natural Resources
- A total of $100 million will reportedly be spent on developing these projects
- This PV capacity would help the country produce 3 to 4% of the nation’s electricity demand
UAE based investment and green energy development company Ocean Holding LLC plans to invest $100 million to develop solar power projects in Armenia in the next three years. It has reportedly signed on a memorandum of understanding (MoU) with the Armenian Ministry of Energy Infrastructures and Natural Resources, reported Armenpress, the Armenian news agency.
Ocean Holding plans to invest this money in several stages. In return, the ministry would facilitate its activities in Armenia.
The agreement was signed at the Armenia-UAE Investment Forum. At the forum, the ministry presented information of all programs available in the field with details of available land, and technical data for the benefit of investors.
The Deputy Minister of Energy Infrastructures and Natural Resources Hayk Harutyunyan was quoted in the article saying, “The investment program will launch this year, and nearly 100 to 120 MW power plants will be constructed in phases which will produce 3% to 4% of country’s electricity demand.”