US Renewable Energy Company Keen on Investing in Armenia

Deputy Minister of Energy Infrastructures and Natural Resources Hayk Harutyunyan speaks to reporters after conference on renewable energy on May 16, 2017 in Yerevan (Photo: Armenpress)
Deputy Minister of Energy Infrastructures and Natural Resources Hayk Harutyunyan speaks to reporters after conference on renewable energy on May 16, 2017 in Yerevan (Photo: Armenpress)

Deputy Minister of Energy Infrastructures and Natural Resources Hayk Harutyunyan speaks to reporters after conference on renewable energy on May 16, 2017 in Yerevan (Photo: Armenpress)

YEREVAN (Armenpress)—American ContourGlobal company wants to make new investments in the wind and solar energy fields of Armenia, the Deputy Minister of Energy Infrastructures and Natural Resources Hayk Harutyunyan told reporters on the sidelines of a renewable energy conference in Yerevan on May 16.

“The fact that this company sponsored this event that they always actively participate in our events, shows that they are satisfied from the cooperation with us,” Harutyunyan said. “I think this is another guarantee of success that they entered the market with another program, and now they want to continue.”

He said that the investment worth 70 million USD will be allocated to completely replacing the hydropower equipment.

“We have devices that have operated for more than 30 years; it’s time to replace them, the Deputy Minister said. “After the implementation of this investment program, we will have a completely new system of Vorotan hydropower plants. The installation should begin this year, and will take at least 2-3 years,” he continued.

Harutyunyan said the ongoing reforms, the investment programs received such a reaction that the American companies arrived in Armenia to get acquainted with the situation and make investments in the renewable energy field.

“They have concrete programs to present. I want to state that the tender for construction of 55 megawatts solar power plant is already launched: it is at the pre-qualification stage. Given the packages they bought for participation, we can state that we are going to have an active competition, we will have large number of participants from various parts of the world, including the US,” Harutyunyan said.

He added that the energy field is very attractive for foreign investors since there is a predictable regulation field, already financially stable energy system, concrete investment programs, as well as guarantees set by law for the market.

“If the market is guaranteed for at least 15-20 years, and the resource is very good, the regulation field is good, the legislative mechanisms have a place of investment protection, it can said conditions are perfect,” the Deputy Minister said.

The conference was organized by the US Embassy in conjunction with the Ministry of Energy Infrastructures and Natural Resources and ContourGlobal.

The conference brought together 70 Armenian companies and several leading American renewable energy companies, which will present their development experience and technologies of green energy and smart-electric devices.

Seven companies arrived in Armenia for the conference – Honeywell Building Solutions, General Electric, Contour Global and others.

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