On May 6, construction officially began on the “Areg Energia” solar farm in the Saravan region of Vayots Dzor.

Armenian 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 official announcement reads.

The USD 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 has 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 has noted that they have turned their attention to the homeland, and if the project is 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 has 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 him, 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 has praised the activities of the Office of the High Commissioner and the role of Zareh Sinanyan in making the investment possible.

According to David Petrosyan, this initiative is especially valuable in terms of ensuring Armenia’s energy security.