Wednesday, October 5 2011 18:00
Artsakh WPP plans to attract $10mln as a result of the third issue of its shares
ArmInfo. The Artsakh WPP CJSC is planning to attract $10mln as a result of the third issue of its shares, Prime Minister of the Nagorno-Karabakh Republic Ara Harutyunyan said during the presentation of the third issue in Yerevan on Wednesday.
The money earned as a result of the placement of the shares will be spent on ongoing and new small WPP projects and the restoration of the Sarsang WPP (Martakert district, NKR).
Harutyunyan said that in 2010 Artsakh WPP launched Trge-1 station. In late oct 2011 the company is planning to launch Trge-2 station and in Q1 2012 - Matagis-1 and Maatgis-2 stations. This year the company will start building Matagis-3 station to be launched in late 2012.
These five plants are supposed to produce almost 100mln KWh, while Sarsang alone, when restored, will generate as much as 130mln KWh.
Artsakh WPP is also building Sunik-1 and Sunik-2 WPPs to produce a total of 70mln KWh. Thus, by the end of 2012 all these plants will produce 300mln KWh - more than Nagorno-Karabakh needs. The excess will be exported to Armenia.
The new WPP projects have given jobs to hundreds of people and have revived several villages. "Power engineering will be a strategic sector of our economy," the NKR Premier said.
To recall, the issue prospectus of the second tranche of nominal shares of Artsakh HPP shares was registered by the Central Bank of Armenia on November 2, 2010. 50 shareholders of Artsakh HPP acquired 10,3146 shares worth 114.5 mln AMD. The rest 1,296,854 shares of the company will be placed via open public subscription.
To note, Artsakh HPP OJSC is one of the leading NKR companies in the sphere of energy. It satisfies over 60% of energy demand of Karabakh. The company directed the funds received from placement of these shares to construction of four hydropower plants. One of them was launched in 2010. Construction of the other three HPPs is not completed yet.