Wednesday, October 18 2017 17:53

Armenian Investors` Club Foundation is ready to invest $ 250 million in the construction of Shnokh HPP and solid waste processing enterprises

Armenian Investors` Club Foundation is ready to invest $ 250 million  in the construction of Shnokh HPP and solid waste processing  enterprises

ArmInfo. The "Investors' Club of  Armenia" Foundation implements two programs in the country for a  total of $ 250 million, Minister of Economic Development and  Investments of Armenia Suren Karayan told in a press conference on  October 18. As explained by the minister, we are talking about the  construction of HPP "Shnokh" and the enterprise for processing solid  waste. Details of the second project the minister refrained from  voicing.

The framework agreement between the Government of Armenia,  Debed-Hydro LLC and the non-public contractual investment fund  "Investors Club of Armenia" on the program of construction of Shnokh  HPP was approved at a meeting of the Armenian government on August  10. Shnokh HPP will provide 5 and more percent of domestic needs of  the country. Within the framework of the agreement, work is planned  on the design, construction, financing of the Shnokh HPP with the  installed capacity of 76 MW on the rights of possession, use and  disposal of property. The total cost of the project, according to the  head of the Ministry of Energy Ashot Manukyan, is estimated at $  150-160 million and is subject to adjustment. It is planned that the  Government of Armenia will assist the developer to purchase a land  plot for the construction of a hydroelectric power station. The  developer, however, undertakes to perform construction work on this  object. For at least 20 years from the date of commissioning Shnokh  HPP, the Armenian government undertakes to guarantee the purchase of  at least 500 million kWh of energy from CJSC "Electric Networks of  Armenia" annually.

In July, the European Bank for Reconstruction and Development (EBRD)  approved the allocation of $ 2.28 million to the Ministry of Finance  of Armenia for the construction of a new solid waste landfill for the  Kotayk and Gegharkunik regions from the Eastern European Partnership  energy efficiency and the environment (E5P). The landfill will be  built in the city of Hrazdan, its cost is estimated at 9 million EUR.   Perhaps the Investors' Club will co-finance the project from the  Armenian side.

On January 25, 2017, a group of Armenian entrepreneurs living in  Russia adopted a declaration on participation in business programs of  the Armenian government. "Armenian Investors Club" is the first  non-public contractual investment fund in Armenia registered by the  Central Bank. The goal is to promote the development of such  important spheres for the economy as energy, including the production  of alternative energy, energy and tourism infrastructures, mining  industry, food and light industry with the involvement of internal  and external private financial means. The fund, managed by Fora  Capital LLC, will operate with the participation of new and existing  companies, investing in securities, real estate, providing financing.  Earlier it was reported that in 2017 investments of the Fund  "Armenian Investors Club" will amount to $ 300 million, out of the $  850 million promised by the government of direct foreign investments. 

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