New Hydro-Plant in Syunik: Company Owned by Provincial Governor’s Relatives
A company called Karalyevas Ltd. is planning to build a hydroelectric plant on the banks of the Vararakn River in Armenia’s Syunik Province.
Karalyevas, founded in November 2013, is equally owned by the brothers Karen and Sashik Khachatryan. The two brothers have connections in high government circles. They are the sons of Sasun Khachatryan, General Director of the “Vorotan Complex of HPP”, and are the grandsons of the uncle of Syunik Provincial Governor Surik Khachatryan.
The Vararakn River is a tributary of the Vorotan. The plant will produce 6,732 million kW of electricity per year.
The company has already filed documents with Armenia’s Ministry of Nature Protection in order to conduct an environmental impact assessment study.
Karalyevas estimates that its yearly revenues will be in the neighborhood of 159 million AMD (US$327,000).
The rush to construct small hydro-electric plants in Armenia is due to the fact that the government has obligated Electric Networks of Armenia to purchase the electricity produced by these small plants for the next fifteen years.
The chart below shows the number of operating small hydro-electric plants and those being constructed in Armenia by province (marz).
Top Photo: Sasun Khachatryan, Surik Khachatryan (Photolur)