To implement “Ayg-1” solar photovoltaic power plant project and to acquire ownership of a 15% stake in “Masdar Armenia 1” CJSC, a new company, “Solar Energy Development” CJSC, is being established. The authority to manage the company’s 100% state-owned shares is entrusted to the Ministry of Economy of the Republic of Armenia. This decision was adopted by the Cabinet on June 20 of this year.
The decision is related to the dissolution of “Armenian National Interests Fund” CJSC (ANIF). ANIF was a structure operating under the Government of Armenia that managed a 15% stake in the Arab-owned “Masdar Armenia 1” CJSC. ANIF was dissolved after the International Monetary Fund (IMF) identified several issues, including an unclear mandate and low levels of transparency and accountability. ANIF operated from 2019 to 2024.
Following the dissolution of the company, the Minister of Economy of the Republic of Armenia was instructed to take all necessary measures to organize the donation process in order to transfer ANIF’s shares in “Masdar Armenia 1” CJSC to the Republic of Armenia.
As a result, “Solar Energy Development” CJSC is being founded. The company’s charter capital will be formed using state funds.
The company’s charter capital is set at 50,000 AMD, divided into 50 ordinary registered shares with a nominal value of AMD 1,000 each. In 2025, approximately 24 million AMD will be required from the state budget.
June 20, 2025 at 17:46