USD 8 billion may be invested in Armenia’s renewable energy sector

U.S. companies are extremely interested in investing funds in the renewable energy sector in Armenia – Richard Mills, the U.S. Ambassador to Armenia, stated at a conference which was held today on renewable energy prospects. Representatives from 7 leading U.S. companies participated in the event.

Ambassador Mills pointed out that Armenia had great potential for the development of renewable energy. Moreover, there were prospects for investing USD 8 billion as part of cooperation in this field. “There was a 20% growth in energy production in Armenia over the past 5 years, and there is great potential in the energy field in Armenia, which means that the Armenian market is expanding and that regional issues can be considered here.”

However, the diplomat stressed that the U.S. Embassy couldn’t guarantee the implementation of investments. In his words, ‘the Armenian businessmen’ and government’s task is to show Armenia’s attractiveness to the U.S. investors, and, most importantly, the Armenian government should ensure equal rules to all players.’