Wednesday, 5 October 2011
Artsakh HPP Issues Third Batch of Stocks
Prime Minister Tigran Sargsyan attended today in the ceremony of 3-rd issue of shares by Artsakh HPP the total amount of which makes AMD 3,673,926. The shares will be placed through free subscription effective until this October, 24.
Owing to this third issue, the company will be able to complete the construction of Trghe-2, Trghe-3, Mataghis-1 and Mataghis-2 hydroelectric power stations which are called to meet fully the home demand for the electric power in Artsakh. eration Trghe-2 is expected to start operations as early as this October, with Mataghis-1 and Mataghis-2 due to be commissioned at the beginning of next year.
The increase in the capital of the company will make it possible to undertake the construction Trghe-3 HPP in the second half-year of 2011, which will be fully operational in 2013.
Congratulating Artsakh HPP OJSC on successful activities, Tigran Sargsyan noted that the power station has been a reliable source of earnings over past few years: “The third issue of shares will provide for investors’ with guarantees of reliability and continuity. Artsakh HPP has been operating on the basis transparency. The bases which are incorporated in the concept of its development are underpinned by the estimation of energy resources available in the Nagorno-Karabakh Republic. It is a major untapped resource and a reliable source of energy and earnings. This means that the project will grow in attractiveness from year to year, and I am convinced that the number of investors, too, will grow every year.”
According to the head of government, born several years ago, the project of Artsakh HPP is a courageous step: “The project has become a reality, with about 1000 investors pleased with its performance as they have been getting strong dividends during the past 2 years. The Artsakh’s economy is a priority and it should develop at a progressive pace. GDP growth in NKR must overwhelm the average economic growth of the Republic of Armenia. It is our strategy and our political position.”
The head of government also said that the energy resource of the NKR can ensure a progressive pace of development in this sphere. The Prime Minister further noted that the strategy of Artsakh HPP clearly shows that the generation of energy can be doubled in the NKR soon.
In his capacity of Artsakh HPP shareholder, Tigran Sargsyan thanked the company executives for effective management In accordance with the highest international standards.
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The evolutionary development of the activities of Artsakh HPP is the best example of the strategic priority of renewable energy in the NKR. The company was founded under a government decree dated November 1, 2007, as a separate unit after reorganization of the state-owned Artsakh Energo CJSC. In May, 2008, the company was reorganized into an open joint-stock company which then was fully owned by NKR Government. The only asset of the company was the Sarsang HPP with 50 MW design capacity.
As forecast by the management, after the commissioning of new hydropower plants, Artsakh HPP will have a capacity of 250mn kW/h energy to meet the home demand in full and create preconditions for energy export.
Today Artsakh HPP is the large public company which seeks implementation of sizeable investments The company has over 1200 shareholders and constantly improves the system of corporate management.
