President of Armenia Armen Sarkissian received the representatives of the United Arab Emirates-based company Masdar - Mohammed al-Shehhi and Vipul Goyal, the Presidential Office told.

The company is starting implementing its first investment program in Armenia’s renewable energy sector, which will launch soon on the sidelines of the AYG-1 solar photovoltaic program.

The respective agreement has been reached during the Armenian President’s official visit to the UAE. The Armenian State Interests Fund and the Masdar signed a joint development agreement in 2019 in Abu Dhabi with the participation of President Sarkissian, on conducting projects in the renewable energy field with a total capacity of 400 MW.        

During the meeting in Yerevan President Armen Sarkissian praised the fact that the agreements reached during the visits to the UAE are being implemented at a high level. “We are expecting investments and new cooperation programs also in technologies, agriculture, logistics and other areas. Our countries have a great cooperation potential”, the Armenian President told the Masdar representatives.

The meeting was also attended by executive director of the Armenian National Interests Fund Davit Papazyan, who and the Masdar representatives, informed the President about the volumes of new projects, implementation process and expected results.