$25 million will be invested into a large hydroelectric power plant set to be built in Martakert, Nagorno-Karabakh (Artsakh), President Arayik Harutyunyan said on Monday, August 2.

Harutyunyan held consultations on energy security on Monday, to discuss how Artsakh lost most of its energy capacity in the war unleashed by Azerbaijan in fall 2020. According to him, now Karabakh is forced to import electricity, whereas prior to the war, the country was an energy exporter.

"In the current situation, the recovery of Artsakh's economy largely depends on our energy capacity. Therefore, in order to restore energy self-sufficiency and stimulate economic development, we have decided to build a new large hydroelectric plant," Harutyunyan said.

The HPP with a capacity of 17.6 MW will be built in the territory of Getavan community of Martakert region. The $ 25 million project will be launched through the Artsakh Investment Fund, but other investors will also get to join.