UAE company plans to invest $150 million in construction of a wind farm in Armenia

The United Arab Emirates-registered Access Infra Central Asia Limited plans to invest $150 million in the construction of a wind farm in Armenia, energy infrastructure and natural resources minister Ashot Manukyan said at a government meeting on Thursday, Arka news agency reports.

He said the government had leased a land plot of 1,250 hectares to the company for conducting research and measurement of the wind power potential in several communities in Gegharkunik and Kotayk provinces.

He said the total capacity of the wind farm may reach up to 150 MW. In his words, such a large-scale program has not been implemented in Armenia or the region. According to the minister, the company is given 2 years for research and measurement, 1 year for design of the wind farm and 2 years for its construction.

"Preliminary assessments and discussions with the investor allow us to state that the final price of the electricity will be at least 40% cheaper than the current price," Manukyan said.