$ 9 Million Investment from the Diaspora

07 May 2020

On May 6th, construction officially began on the “Areg Energia” solar farm in the Saravan region of Vayots Dzor. RA High Commissioner for Diaspora Affairs Zareh Sinanyan, Vayots Dzor Regional Governor Ararat Grigoryan, Honorary Consul of Cyprus in Armenia Armen Khachatryan, Diaspora Armenian businessman, co-investor Ashot Mkrtchyan and others were present at the groundbreaking ceremony. The idea for the investment arose ten months ago when well-known local Armenian businessmen from Cyprus, David and Alexander Petrosyan and Ashot Mkrtchyan met with High Commissioner  Sinanyan and became inspired by the changes in Armenia. After which they came to the homeland, studied the legislative and investment fields, and began to implement the idea.

The $ 9 million solar farm situated on a 36-acre plot of land in Saravan, at an altitude of 1,720 meters above sea level, will be completed in a year’s time.

High Commissioner Sinanyan highlighted the investment policy adopted by the Armenian Government and the fact that investors are able to earn a significant profit in Armenia. The Office of the High Commissioner for Diaspora Affairs is always ready to support Diaspora investors and any problems they may encounter.  

Co-investor, Ashot Mkrtchyan noted that they have turned their attention to the homeland and if successful, investments will be made in other spheres as well. In a video message, representative of the Armenian community in the Cypriot House of Representatives, MP Vardges Mahdesyan expressed his confidence that the experience of the Republic of Cyprus in the field of solar energy will greatly contribute to the success of the investment. According to the Cypriot-Armenian MP, this initiative will promote the development of Armenia-Cyprus relations, strengthen homeland-Diaspora ties, and contribute to the development of Armenia's economy.

Cypriot-Armenian businessman and co-investor David Petrosyan praised the activities of the Office of the High Commissioner and the role of Zareh Sinanyan in making the investment possible. According to the businessman, this initiative is especially valuable in terms of ensuring Armenia's energy security.

Սփյուռքի Գլխավոր Հանձնակատարի Գրասենյակ Diaspora High Commissioner's Office