«AREG ENERGY» LLC has been exempted from payment of customs duty on the import of technological equipment, raw materials, and materials for the construction and operation of a 5 MW solar power plant in Saravan village of Vayots Dzor province, Armenia.

The produced electricity will be fully sold to the Electric Networks of Armenia. The total investment required for the construction, testing, and operation of the plant is about 2.2 billion AMD. The main areas of investment are land acquisition - 288 million AMD, equipment acquisition - 1.4 billion AMD, construction and design work - 460 million AMD.

About 89 percent of the investments have already been made, including land acquisition, construction and design work, and equipment. Armenia has a large potential for solar energy (the average annual solar energy production per 1sq.m. of the surface is 1,720 kWh/sq.m. and a quarter of the country has an annual solar energy supply of 1,850 kWh/sq.m). The Government of the Republic of Armenia guarantees the purchase of the full amount of electricity produced from renewable sources within the next 20 years. Today, Armenia is building several large solar power plants with a total capacity of 400 MW.