ArmInfo. At a meeting on June 20, the Armenian government made a decision to establish a state-owned closed joint-stock company, Solar Energy Development.
As noted in the rationale for this draft decision, the state-owned company is being established to ensure successful implementation of the program for designing, financing, constructing, managing and operating the Ayg-1 solar photovoltaic power plant, which is currently under construction between the Talin and Dashtadem communities in the Aragatsotn region of Armenia.
The construction of the station is being carried out by the UAE company Masdar, which has agreed to transfer 15% of the shares of the new solar energy facility to Armenia as its property. However, the Arab company refused to transfer the shares to the state, insisting on their transfer to the state-owned company. The authorized capital of the new company will be 50,000 drams, divided into 50 ordinary registered shares, with a par value of 1000 drams each. The authority to manage the 100 percent state-owned block of shares of the CJSC is assigned to the RA Ministry of Economy. Minister of Economy Gevork Papoyan is instructed to approve the results of the share placement and the charter, elect members of the board of directors of the company (if provided for by the charter) and the audit committee, and form the executive body of the company within two months from the date this decision takes effect. The Ministry of Economy is also obligated to ensure the state registration of the company in line with the procedure established by law, at the expense of the RA Ministry of Economy.