700 million AMD to be invested in Armenia for solar panels production expansion

ArmInfo. Profpanel LLC, which assembles solar panels from Chinese parts in Armenia, intends to invest 700 million drams in modernization of production.

On May 3 at a meeting of the government reported acting Minister of Economic Development and Investments Suren Karayan, the government granted the company a three-year grace period for paying VAT on imported equipment. As Karayan pointed out, within the framework of the investment program, modernization of the company's fixed assets will be carried out. "The amount of 700 million drams ($ 1.4 million) will be used to purchase new equipment and components," he said. As a result of the program implementation, 11 new workplaces with an average salary of 175 thousand AMD will be created.

Plant for the assembly of solar panels of the company "Profpanel" was opened in Armenia on June 29, 2017. The company operates under the trademark SolarOn. The production capacity of the plant is 10MW annually, the number of employees at full production capacity can be 50 people. Then it was announced that the preliminary volume of investments is about $ 2 million. The solar mini-station with a capacity of 1.5 kW, which can produce about 200 kWh of electricity per month, according to the managers of the enterprise, will cost the buyer 1,5-1,7 thousand. US dollars. Earlier, the government decree of February 23, 2017, it was decided to release the company from customs duties when importing technological equipment, their spare parts, raw materials and materials.