Green Energy Concern CJSC will invest AMD 2.28 billion in construction of a small hydro power cascade, Suren Karayan, Armenian economic development and investments minister, said at a Cabinet meeting.
At the session, the Armenian government has granted the company a three-year VAT payment adjournment for imported equipment.
“The company is planning to build a 3.9-megawatt small hydro power cascade in Vayots Dzor province’s Getap community, using the hydro potential of rivers in the region, for generation of electricity,” Karayan said.
In his words, around AMD 747.7 million will be spent on purchasing machinery and 10 new jobs will be created as part of the investment program.
According to the energy ministry, the share of small hydro power plants in the country’s electricity output reached 13% in 2016 – 4% more than a year earlier.
As many as 178 small hydro power plants operate in Armenian now – by 5 more than a year before.