Your trusted source

The Armenian government unanimously adopted a decision to build a new 250 MW gas-fired combined cycle power plant in Yerevan, Armenia, at Thursday’s meeting.

Presenting the issue of approving the amended framework agreement on designing, developing, funding, constructing, owning under property rights, commissioning and maintaining a power station in Yerevan, Acting Deputy Justice Minister Arthur Hovhannisyan stressed the plant will ensure the necessary reserve for the seasonal domestic consumption and during emergencies.

A total of $250 million is set to be invested in the implementation of the project, the official said, adding the plant construction will last for 26 months and is expected to involve 1,000-1,200 workers. The power station eyes 1,200 new jobs.  

The agreement was signed back in 2017 during the previous government’s tenure but was later suspended due to its 'non-beneficial' conditions for Armenia.

Acting Prime Minister Nikol Pashinyan added the tariff plan set under the agreement has been re-considered and reduced as a result of discussions.

He stressed the implementation of the project will be a positive message for international investors.