Armenpress News Agency , Armenia
 Thursday


150-180 mln USD to be invested for construction of Shnogh
hydroelectric power plant



YEREVAN, AUGUST 10, ARMENPRESS. Armenia’s government approved the
draft decision to sign a framework agreement on the construction,
funding, ownership and exploitation of Shnogh hydroelectric power
plant in Lori province (76 MW capacity)withthe Investors’ Club of
Armenia non-public contractual investment fund, reports Armenpress.

Ashot Manukyan, minister of energy infrastructures and natural
resources, said for the implementation of the program a memorandum of
understanding (MoU) has been signed between the government and the
fund on April 13, 2017. Based on the MoU provisions, the fund has
applied to the government with a proposal to implement the program and
an initiative to attract necessary financial resources.

“The adoption of the decision stems from the government’s action plan
which aims to strengthen energy security. It is a well-known fact that
the water resources of Debed and Araks rivers remain underused, and
this investment program aims at partially fill that gap. The program
will be implemented within the frames of public-private sector
cooperation. It was discussed long ago and is the first major program
of the Investors’ Club of Armenia”, the minister said, adding that the
program is in accordance with the standards presented to environmental
organizations. Within the framework of the program the fund will
cooperate with Western specialized companies. A total of 150-180
million USD investment is required for the program, however, this
number can be further adjusted.

“The hydroelectric power plant will be a modern complex engineering
structure which will be equipped with latest technologies and will be
environmentally safe. The HPP will produce 5% of our country’s
domestic electricity consumption”, Ashot Manukyan said, adding that
the HPP is being built for the upcoming 100 years. More than 500
notifications and proposals were made over the program which were
mainly accepted.

Prime Minister Karen Karapetyan said good and prospective program has
been presented.

It is expected the government will assist the constructor to obtain
land for the HPP construction.

The launch of activities of “Investors’ club of Armenia” non-public
contractual investment fund was officially heralded on March 25 with
the participation of the Prime Minister of Armenia Karen Karapetyan
and over 3 dozens of Diaspora Armenian businessmen from the Russian
Federation. Back on January 25, 2017 numerous Armenian businessmen in
Russia had issued a statement on their readiness to support the reform
process in Armenia and to participate together with the Government of
Armenia in the initiatives and business projects in Armenia.