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KFW ALLOCATES EUR 85.2 MILLION TOWARDS EXPANDING ELECTRICITY TRANSMISSION GRIDS BETWEEN ARMENIA AND GEORGIA
14:12, 09 Dec 2014
On behalf of the Federal Ministry for Economic Cooperation and
Development (BMZ), KfW Development Bank today concluded two loan
agreements for EUR 85.2 million with the High Voltage Electricity
Network (HVEN), the company that operates Armenia's transmission grid.
The project is laying the foundations for reliable and flexible
exchange of electricity - not just between Armenia and Georgia,
but the other countries in the region too (thereby creating a
regional network system). The project, which has a total volume of
EUR 132.5 million, is co-financed by the European Investment Bank
(EIB) and funds provided by the EU's Neighbourhood Investment Facility
(NIF). It complements the finished "Black Sea Energy Alliance" project
(with an overall investment of EUR 270 million, EUR 100 million of
which was earmarked for FC financing), which contributed to regional
integration of the energy supply by means of connecting the Georgian
and the Turkish electricity grid.
"As a result of electricity being reliably and flexibly exchanged
between Armenia and Georgia, and power plants therefore being put to
better use, the electricity supply in the two Caucasian states and
in the region is becoming more stable. This is hugely significant in
both countries with regard to economic growth and thus alleviating
poverty among the population. The project also represents a major
step towards connecting the Caucasian electricity grid to the EU's
electricity alliance in the future," explained Dr Norbert Kloppenburg,
Member of the Executive Board of KfW Group.
As part of the project, the Armenian electricity transmission grid
is being expanded and connected to the Georgian electricity grid
by building a high-voltage line between both countries as well as a
transformer substation at Armenia's system gateway to Georgia.
http://www.armradio.am/en/2014/12/09/kfw-allocates-eur-85-2-million-towards-expanding-electricity-transmission-grids-between-armenia-and-georgia/
From: A. Papazian
14:12, 09 Dec 2014
On behalf of the Federal Ministry for Economic Cooperation and
Development (BMZ), KfW Development Bank today concluded two loan
agreements for EUR 85.2 million with the High Voltage Electricity
Network (HVEN), the company that operates Armenia's transmission grid.
The project is laying the foundations for reliable and flexible
exchange of electricity - not just between Armenia and Georgia,
but the other countries in the region too (thereby creating a
regional network system). The project, which has a total volume of
EUR 132.5 million, is co-financed by the European Investment Bank
(EIB) and funds provided by the EU's Neighbourhood Investment Facility
(NIF). It complements the finished "Black Sea Energy Alliance" project
(with an overall investment of EUR 270 million, EUR 100 million of
which was earmarked for FC financing), which contributed to regional
integration of the energy supply by means of connecting the Georgian
and the Turkish electricity grid.
"As a result of electricity being reliably and flexibly exchanged
between Armenia and Georgia, and power plants therefore being put to
better use, the electricity supply in the two Caucasian states and
in the region is becoming more stable. This is hugely significant in
both countries with regard to economic growth and thus alleviating
poverty among the population. The project also represents a major
step towards connecting the Caucasian electricity grid to the EU's
electricity alliance in the future," explained Dr Norbert Kloppenburg,
Member of the Executive Board of KfW Group.
As part of the project, the Armenian electricity transmission grid
is being expanded and connected to the Georgian electricity grid
by building a high-voltage line between both countries as well as a
transformer substation at Armenia's system gateway to Georgia.
http://www.armradio.am/en/2014/12/09/kfw-allocates-eur-85-2-million-towards-expanding-electricity-transmission-grids-between-armenia-and-georgia/
From: A. Papazian