UAE-based Ocean Holding plans to invest $100 million in solar in Armenia

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The Armenian Ministry of Energy Infrastructures and Natural Resources has signed a memorandum of understanding with UAE-based Ocean Holding LLC for the building of several PV power plants. The plants will be located in Armenia and have a total capacity of between 100 MW and 120 MW.

Armenian state-owned press agency Armenpress reports that the MoU was signed at the Armenia-UAE Investment Forum, which is currently underway in Abu-Dhabi.

Ocean Holding intends to invest approximately $100 million in the projects over the next three years. The investments will be made in several stages, Armenpress reports.

It is not clear if the projects are to be developed under the special tariff regime introduced by the Armenian Public Services regulation commission (PSRC) in December 2016. The tariff applies to PV projects ranging in size from 150 kW up to 1 MW.

As for now, Armenia’s largest PV project is a 40-50 MW solar plant tendered by the government in 2016. The plant will be built near the village of Masrik in Gegharkunik province. Construction is expected to begin in 2017, and the plant should be ready for operation by 2020.

Furthermore, three more 1 MW PV plants are currently being developed in the country under the above-mentioned special tariff regime.

Armenia intends to cover 30% of its electricity demand with renewable energy by 2025.