Energy autonomy for Armenia
Renco has developed a public-private partnership for the design, construction and management for 25 years of a 254 MW combined-cycle power plant in Yerevan, through project financing. The energy produced will be purchased by Armenia’s national power company.
KEY INFO
In detail
Renco, flanked by Siemens, financed 60% of ARMPOWER, for a total of 56.9 million dollars. Siemens covered 40%, amounting to 37.9 million dollars. The rest of the loan was granted by a pool of international financial institutions coordinated by the IFC of the World Bank for 163 million dollars. Other subjects involved include the Asian Development Bank, the OPEC Fund for International Development and DEG (Deutsche Investitions).
Focus on the details
CLOSE-UP ON THE PROJECT
Up to 120 Italian workers were involved, who were afforded an extraordinary opportunity to share experiences and know-how with the over 1,000 Armenian workers involved.
The work took 28 months to complete and was made regardless of the international crisis.