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Russia loans Armenia $270 million for power plant expansion

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  • Russia loans Armenia $270 million for power plant expansion

    Interfax, Russia
    Jan 9 2015


    Russia loans Armenia $270 million for power plant expansion

    By Staff reporter
    Posted 9 January 2015 13:45 GMT

    Russia has approved an export loan of $270 million to Armenia to
    finance the development of an extension project at the Metsamor
    nuclear power plant.

    The debt will mature over a 15-year tenor, according to a statement by
    the Russian government.

    The licence for the existing reactor atthe site is valid until
    September 2016, but the new agreement will see this extended to 2026.

    Metsamor began operations in 1980 but was stopped in March 1989 after
    the Spitak earthquake in December of the previous year.

    Two energy-producing blocks at the station were fitted with
    first-generation Russian VVER-440 reactors.

    The first block is not in use, while the second has a capacity of
    407.5 MW and generates on average about 40% of Armenia's electricity.

    German development bank KfW also supplied a loan in December worth
    more than $100 million for a new high-voltage power line and
    substation to interlink with neighbouring Georgia's network.

    The EU is also supplying funding towards the scheme, which is due
    online in 2018.




    From: A. Papazian
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