Time in Yerevan: 11:07:36,   7 December 2023

Seven leading US companies interested in investing in Armenia’s energy sector

Seven leading US companies interested in investing in Armenia’s energy sector

YEREVAN, MAY 12, ARMENPRESS. Seven American companies are willing to invest in Armenia’s renewable energy sector.

More substantial discussions on their intentions and interests will be held on May 17 during the renewable energy conference in Armenia.

Matthew Eussen, head of the political and economic department of the US Embassy in Armenia, told ARMENPRESS the renewable energy conference is the continuation of those efforts which are aimed at strengthening economic ties between Armenia and the US.

According to him, the energy sector is a growing sector in Armenia, and renewable energy – namely solar and wind energy, have great potential here.

“During this conference we present 7 leading American companies, which are interested in the market, and the interest can be the foundation for establishing partnership. This conference gives practical opportunities for companies to see what potential exists, how they can work and take practical steps, in the direction of constructing 55 megawatt solar stations and installing solar batteries on rooftops. In terms of other possibilities, real and practical steps are ready to be made”, he said, adding a tender process will be held for building the 55 megawatt station, and from the submissions the best design proposal will be selected, which will have the chance to carry out the work.

Eussen said an average of 200 million dollars is invested for building this kind of stations, while the construction works and new jobs bring additional benefit to boosting the country’s economy.

According to him, a greater interest exists among American companies towards Armenia’s energy system.

As a successful business operation of an American company in Armenia, Eussen pointed out Contour Global’s acquisition of the Vorotan hydro cascade.

He also noted that Armenia is planning to carry out energy exchange with Georgia, which means the market isn’t limited only with Armenia, it becomes bigger and wider.

The conference is organized by Contour Global and Ameriabank.

Matthew Eussen also added that in addition to the energy branch, US companies are also interested in the mining and agriculture branches of Armenia.

“By working with the Armenian government, we try to ensure favorable conditions in order  for the business environment to be interested in making investments”, he said.


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