On Thursday, November 1 representatives of Energy Invest Holding CJSC met with the Economic and Commercial Officer of the U.S. Embassy in Yerevan, Mr. Christopher C. Ellis and the Commercial Assistant of the Political and Economic Section of the Embassy, Mr. Tigran Tananyan. Among the topics discussed were the progress of the Shnogh Hydroelectric Project’s Feasibility Study, the soon-to-be initiated Small Hydro Power Plants Modernization Program, solar power plants, and several other investment programs.

It has been emphasized that one of the most critical components of the Shnogh project—the 22-km long power waterway tunnel—will be bored with the equipment provided and the local staff will be trained by The Robbins Company, which is U.S.-based. The Robbins Company also plans to enter into the project equity.

The Holding representatives also informed the U.S. Embassy that negotiations are currently underway for inviting yet another American business to partake in the project’s electromechanical equipment supply and installation, which in sum will raise the involvement of the US companies in the project significantly. The estimated value of the project falls in the $150 to 180 million range.

It was also noted that over 1,200 highly-paid jobs will be created during the construction period, and the hydro power plant will generate up to 7% of Armenia’s internal electricity consumption.

The small hydro power plants modernization program will result in the most efficient use of water resources, improvement of environmental conditions of the rivers, and mitigation of environmental impacts. The preliminary value of the 5-year program is estimated to be around $120 million. As a result, 20-25 currently operating small hydro power plants will be equipped with modern technological equipment and will adhere to modern environmental standards and criteria.

At the end of the meeting Mr. Ellis reiterated that the U.S. Embassy welcomes the participation of U.S. businesses in major development projects in Armenia and will support efforts to further promote mutually-beneficial cooperation between Armenian and American businesses.