Armenia investors’ club to build large HPP

 Armenia investors’ club to build large HPP

The investors’ club, which is founded by Armenia's Prime Minister Karen Karapetyan, plans to build a new hydroelectric power plant (HPP) in the country.

The draft of the respective agreement was approved at today’s Cabinet meeting of the government.

Under this agreement, the capacity of Shnogh HPP shall be 75 megawatts, and the government, for its part, shall purchase 500 million megawatts of energy from this plant within 20 years, reported.

At the Cabinet meeting, the Minister of Energy Infrastructures and Natural Resources, Ashot Manukyan, noted that in this case, the HPP will produce 50% of the energy in Armenia.

He added that a stabilization fund will be set up to cover the fluctuations in the cost price of energy.