European Investment Bank interested in energy investment projects in Armenia

The Minister of Energy Infrastructures and Natural Resources of RA Ashot Manukyan received the European Investment Bank delegation headed by EIB’s senior credit specialist Violin Silvestro.

At the meeting issues on enhancing cooperation and involving bank in the new investment projects in the energy sector were discussed.

The parties particularly highlighted the importance of state-private sector cooperation. Ashot Manukyan presented the expected investment projects in the energy sector such as the reconstruction of the substations of “High Voltage Electric Networks” CJSC and the construction of “Shnogh” hydro power plant and plant generating electricity by household waste recycling.

Speaking about “High Voltage Networks” company’s investment project the Minister stressed that 10 out of existing 16 substations have already been reconstructed. Another 2 will be upgraded by the savings gathered as a result of investment projects.

“Armenia expects bank’s participation in the reconstruction projects of the other four substations. With this the upgrading of all the substations will be completed which is necessary for serving of transit electricity flows in the framework of regional cooperation,” Ashot Manukyan said.

Presenting the projects on the construction of “Shnogh” hydro power plant and the waste-to-energy plant, the Minister stressed both energy and economic and social significance of the projects.

Expressing gratitude for thorough and detailed presentation of the investment projects, Violin Silvestro said the European Investment Bank is interested in Armenia’s energy sector and stands ready for further cooperation.