Government Grants Benefits for Solar Power Plant Investment Projects

The government has adopted a decision allowing "A-S Energy" LLC to benefit from a three-year extension on the payment of value-added tax as part of its investment project. Established in 2017, the company will utilize imported equipment for the construction and operation of three solar power plants, each with a capacity of 5 MW, in the Astghadzor community of the Gegharkunik province.

Approximately 9.6 million kWh of electricity will be produced annually, which will be sold entirely to HEC CJSC. The total amount of investments planned under the project is 1.6 billion drams. According to the justification for the decision, the implementation of investments started in 2019 and is expected to be completed in the third quarter of this year. The total annual output will amount to around 230 million drams, all of which will be sold within Armenia. As a result of the implementation of the investment project, four new jobs will be created in the company over the next three years, with an average salary of 250,000 drams.

The government has also approved the application submitted by "Bari Areg" LLC to benefit from a customs duty exemption for its investment project in a priority sector. The company will utilize the imported equipment for the construction and operation of three solar power plants, each with a capacity of 5 MW, in the Gegharkunik and Aragatsotn provinces.

The total amount of investments under this project is set at 4.7 billion drams. It is expected to create 20 new jobs with an average salary of 250,000 drams. The planned annual output under this project will be 871 million drams, which will also be fully sold within Armenia. The total value of the goods presented for exemption is 718 million drams, while the customs duty exemption is valued at 67 million drams.