YEREVAN. – Within the framework of Wednesday’s UAE-Armenia Investment Forum in Abu Dhabi, the capital city of the United Arab Emirates (UAE), the Hydro Corporation group of companies of Armenia, and the Estekshaf Investment Company of the UAE have signed a memorandum of understanding with respect to investing in renewable energy, especially hydropower.

As per Hydro Corporation Founder Grigor Arakelyan, this memorandum will serve as a basis for the cooperation agreement which the parties will sign, the Renewable Energy Producers’ Association of the Republic of Armenia informed Armenian News-NEWS.am.

“The objective of the [respective investment] programs is to modernize the small hydroelectric power stations that have a low level of productivity and heavy loan portfolio, and are built with violations of environmental norms,” Arakelyan noted, in particular.