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TOTAL COST OF CAUCASUS POWER LINES PROGRAM IS 320 MILLION EUROS
YEREVAN, March 16. / ARKA /. The total cost of the program "Caucasus
Power Lines' is 320 million euros, Armenian energy and natural
resources minister Yervand Zakaryan said today.
He said the program will be implemented in three phases -the first
was launched in 2014 and will end in 2018, the second phase will end
in 2021 and the third in 2026.
In the first phase Armenian and Georgian energy systems will be united
through a high-voltage direct current ( HVDC) line to be built in
Armenian Ayrum on the border with Georgia. The new substation and
the transmission line will enable Armenian and Georgian power grids
to work in the same mode and make electricity swaps.
The total cost of the first phase of the project 105.2 million euros.
This phase is co-financed by the European Investment Bank (10 million
euro loan) and the EU Neighborhood Investment (a 0 million euro
grant). Another 85.2 million euro loan will be provided by German
KfW bank. The agreement with KfW was signed in 2014 December and the
agreement with European Investment Bank was signed today in Yerevan.
'This project will enable Armenia and Georgia to integrate their
power grids and contribute to their economic development. We are also
negotiating a possible integration of the power grids with neighboring
Russia and Iran," said Zakaryan.
The head of KfW's Energy Department Ian Blum said Armenia's high level
energy security depends largely on energy cooperation with neighboring
countries, and a stable and strong system of transmission lines will
bring the energy security of Armenia and Georgia to a new level.
He said the involvement of the EU and the European Investment Bank
in this program is evidence that the EU as a major donor is willing
to continue to assist Armenia both in the framework of investment
projects and development programs.
The KfW loan will be provided in two tracnhes -75 million and 10.2
million euros. The first is repayable in 15 years with a five-year
grace period and the second is provided for a period of 40 years at
0.75% interest rate.-0-
http://arka.am/en/news/business/total_cost_of_caucasus_power_lines_program_is_320_ million_euros/#sthash.x5XGnFJc.dpuf
YEREVAN, March 16. / ARKA /. The total cost of the program "Caucasus
Power Lines' is 320 million euros, Armenian energy and natural
resources minister Yervand Zakaryan said today.
He said the program will be implemented in three phases -the first
was launched in 2014 and will end in 2018, the second phase will end
in 2021 and the third in 2026.
In the first phase Armenian and Georgian energy systems will be united
through a high-voltage direct current ( HVDC) line to be built in
Armenian Ayrum on the border with Georgia. The new substation and
the transmission line will enable Armenian and Georgian power grids
to work in the same mode and make electricity swaps.
The total cost of the first phase of the project 105.2 million euros.
This phase is co-financed by the European Investment Bank (10 million
euro loan) and the EU Neighborhood Investment (a 0 million euro
grant). Another 85.2 million euro loan will be provided by German
KfW bank. The agreement with KfW was signed in 2014 December and the
agreement with European Investment Bank was signed today in Yerevan.
'This project will enable Armenia and Georgia to integrate their
power grids and contribute to their economic development. We are also
negotiating a possible integration of the power grids with neighboring
Russia and Iran," said Zakaryan.
The head of KfW's Energy Department Ian Blum said Armenia's high level
energy security depends largely on energy cooperation with neighboring
countries, and a stable and strong system of transmission lines will
bring the energy security of Armenia and Georgia to a new level.
He said the involvement of the EU and the European Investment Bank
in this program is evidence that the EU as a major donor is willing
to continue to assist Armenia both in the framework of investment
projects and development programs.
The KfW loan will be provided in two tracnhes -75 million and 10.2
million euros. The first is repayable in 15 years with a five-year
grace period and the second is provided for a period of 40 years at
0.75% interest rate.-0-
http://arka.am/en/news/business/total_cost_of_caucasus_power_lines_program_is_320_ million_euros/#sthash.x5XGnFJc.dpuf