UAE ready to invest $100 M for PV in Armenia

UAE based Ocean Holding has signed a MoU with Armenia’s Ministry of energy for the construction of photovoltaic plants.

The Development Foundation of Armenia (DFA) has announced yesterday, during the Armenia-United Arab Emirates (UAE) Investment Forum that occurred in Abu Dhabi, a possible deal with UAE based Ocean Holding LLC.

A statement from DFA said: “A Memorandum Of Understanding was signed between the RA Ministry of Energy Infrastructures and Natural Resources and Ocean Holding LLC. This cooperation will work toward developing the renewable energy sector in Armenia and will provide Ocean Holding an opportunity to make investments in solar energy projects.”

The UAE investment and development company is willing to put $100 million into photovoltaic (PV) power plant construction over the next three years.

The solar system building is expected to start in 2017 near the city Masrik and be operational by 2020. The total capacity plant is to be between 100MW and 120MW.