The Armenian Ministry of Energy Infrastructures and Natural Resources and the Ocean Holding LLC have signed a Memorandum of Understanding, the Development Foundation of Armenia reports.

The cooperation will work towards developing the renewable energy sector in Armenia and will enable the Ocean Holding to make investments in solar energy projects.

Starting this year, Ocean Holding intends to invest 100 million USD in solar photovoltaic power plants in Armenia and operate them using the best technology available to the sector.

In return, the Ministry pledges to create favourable conditions for Ocean Holding. The investments will be made in several phases.

“Armenia has created favorable conditions for renewable energy; the country has invested its entire toolset to boost the sector. The Government continues to seek new opportunities to increase energy security to ensure supply, energy efficiency, new investments, new technologies, regional cooperation and a sustainable infrastructure,” Armenia’s Deputy Minister of Energy Infrastructure and Natural Resources Hayk Harutyunyan said at the Armenia-UAE investment forum in Abu Dhabi.