United Arab Emirates to invest $100 million in Armenia’s energy sector

PanARMENIAN – A memorandum of understanding was signed between Armenia‘s ministry of energy infrastructures and natural resources and Ocean Holding LLC in Abu Dhabi, UAE on Wednesday, March 22. The cooperation will seek to develop the renewable energy sector in Armenia and provide Ocean Holding an opportunity to make investments in solar energy projects.

Beginning this year, Ocean Holding intends to invest $100 million in solar photovoltaic power plants in Armenia and operate them using the most advanced technology currently available.

The ministry, in turns, aims to create favorable conditions for Ocean Holding. The investments will be carried out in several phases.

The deal was signed on the sidelines of the Armenia Investment Forum 2017 in Abu Dhabi, UAE, with Armenian president Serzh Sargsyan and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan also participating.