ArmInfo. A number of investment projects in power engineering will be continued in Armenia in 2017, Arthur Baghdasaryan, Director General of High Voltage Electric Networks CJSC, said at today's meeting of the Investment Commission headed by Armenian Minister of Energy Infrastructures and Natural Resources Ashot Manukyan.
He said that the work on the project of modernization of Haghtanak, Charentsavan-3, Vanadzor-1, Agarak- 2, Shinuhayr and Ashnak substations is still underway. The total investment value is $50.5 mln. An Indian company continues the construction of the 220 KV Hrazdan-Shinuhayr power transmission line. It is also envisaged to launch the construction of the Noyemberyan-Lalvar power transmission line in spring.
To note, in 2014 the World Bank Board of Executive Directors approved a US$40 million loan for the Additional Financing of the Electricity Supply Reliability Project for Armenia. This additional financing would scale up activities to enhance the impact of the ongoing project and cover the cost of rehabilitation of three substations essential for Armenia's power transmission network -Haghtanak, Charentsavan-3, and Vanadzor-1 substations. The average age of Armenia's power transmission assets is around 45 years and most of them have not undergone any major rehabilitation or upgrade over the past decades. The ongoing Electricity Supply Reliability Project has been designed to enhance the reliability of the power supply in the country by improving the capacity of the power transmission network back-bone infrastructure. Around 230 km of outdated transmission lines from the Hrazdan Thermal Power Plant to the Shinuhayr substation is under replacement. The investments will increase the capacity and reliability of the targeted section of the transmission network by lowering frequency of line failures and related power supply outages. Total financing of the project is US$50 million, of which US$10 million will be the Government's contribution. The World Bank will provide a US$40 million IBRD loan of variable spread with a 10 year grace period and the total repayment term of 25 years.