250 million USD investment project on building new power station to be realized in Armenia
YEREVAN, MARCH 23, ARMENPRESS. The Government of Armenia approved the framework agreement on designing, developing, financing, constructing, owning through property right, operating and maintain a 250 MW combined cycle gas electricity plant, to be signed between the government, Armpower CJSC and Renco.
Ashot Manukyan, minister of energy infrastructures and natural resources, said the number one priority of the government is development of alternative energy through its own energy resources.
“During the last one decade, the rapid development of small TPPs alone led to the fact that today the capacities of their energy production in Armenia comprise 330 MW. We announced about the necessity of building up to 150 MW wind and up to 100 MW solar stations in the coming years. The development of alternative energy will obviously lead to shortage of reactive power, which the currently operating traditional stations – the nuclear station, thermal stations, cannot cover. With this purpose, this project gets a unique importance, because the second power unit of the Yerevan TPP is aimed at covering this very shortage”, he said.
250 million USD investments are planned to be made under the project. Construction will last 26 months, 900 jobs will be created, and the number will increase by an additional 200 after launch.
According to Manukyan, this project is the most effective investment program in Armenia in the latest years.