to-the-point: UAE firm plans USD 100m solar investment in Armenia

March 22 (Renewables Now) - Ocean Holding LLC, a company based in the UAE, would be investing USD 100 million (EUR 92.6m) in solar projects in Armenia, the Development Foundation of Armenia (DFA) announced today.

A memorandum of understanding (MoU) for renewable energy development has been signed between the company and Armenia’s energy ministry. The solar photovoltaic (PV) capacity will be built in phases, according to the statement, which did not provide further details.

The DFA and the Abu Dhabi Chamber of Commerce today held the UAE – Armenia Investment Forum 2017 in Abu Dhabi. One of the topics discussed there is energy as the UAE is interested in developing renewable energy project and Armenia says it has significant potential for that.