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Armenia got € 25 million from Iran for the construction of transmission lines "Iran-Armenia"2012-05-31 12:38
Iran has allocated Armenia an additional loan of around € 25 million for the construction of a third overhead transmission line "Iran-Armenia" of 400 kV, the Vestnik Kavkaza reported.gt-en-newsitem-inside
According to the edition, this was announced by Sahak Abrahamyan, CEO of the Armenian "High-voltage power lines".
He said the loan agreement has been signed, the funds are expected in June, after which full-scale construction begins. Under the agreement, the construction of transmission lines must be completed within 18 months starting from first allocation.
The project cost amounts € 107,9 million, including € 83,083 million granted in September 2011 by the Export Development Bank of Iran; Armenia was to provide the remaining € 24,817 million in the form of co-financing, but due to lack of funds it has appealed to the Iranian side for additional funding.
Armenia is obliged to supply electricity to Iran instead of loan payments.
Currently, the two countries are connected with two 220 kV transmission lines. After commissioning of the third transmission line the capacity will increase from the current 350 MW to 1200 MW. The project also implies construction of a power substation "Noravan" of 400/220 kV in the Gegharkunik region of Armenia.