Granting investment licenses to three promising electric power generation projects

Damascus-SANA

The Syrian Investment Authority granted investment licenses to three promising projects to generate electricity using solar panels in the industrial city of Hasiya in Homs.

The three projects that received the approval of the Supreme Council for Investment to be granted temporary licenses were distributed according to the economic feasibility announcement, which SANA obtained a copy of, on a project to establish a solar-powered photovoltaic power plant in the industrial city of Hasya, owned by the Homs Chamber of Industry for Renewable Energy Limited Liability and the production capacity of the project between 50 and 100 megawatts at an estimated cost of 150 billion Syrian pounds, and its duration is 25 years, and the period of its establishment is three years.

The second project is to generate electric power using solar panels in the industrial city of Hasya, owned by the Al-Asriya Industries Company, with a production capacity of 5 megawatts for a period of 25 years and an estimated cost of 8 billion pounds.

The third project belongs to the Al-Mateen Company for the production of plastic and cement pipes in order to generate 10 megawatts of production capacity for a period of 25 years at an estimated cost of 13 billion pounds.

The Director General of the Authority, Madian Diab, explained to SANA’s delegate that Investment Law No. 18 of 2021 gave renewable energies a wide space and granted them customs exemptions and tax cuts in support of this sector, pointing out that granting licenses before the issuance of the executive instructions of the law comes to ensure the progress of the investment process and in an effort to encourage and facilitate the flow of investments to contribute to Economic and social development.

On the 29th of last month, the authority granted a temporary license for a project to establish a factory that includes a modern and integrated automatic production line for health products in the industrial city of Adra in Damascus countryside, in addition to a temporary license for a fertilizer project under construction.

Manar Dib