ArmInfo. The Chinese electro-engineering company Xian continues the implementation of the project on the modernization of the electric substations Vanadzor-1 and Ashnak in Armenia.
Details of this work were discussed yesterday at the meeting of the Minister of Energy Infrastructures and Natural Resources of Armenia Ashot Manukyan with the Director General of the company Yang Yamen. According to the press service of the agency, the projects are being implemented with credit from the World Bank. Yang Yemen expressed the Armenian side appreciation for the trust, and stressed that his company, acting as the general contractor of the programs, will perform all the work in a timely manner and with high quality.
He expressed hope for the continuation of cooperation with Armenia in the future. Ashot Manukyan, in turn, noted that the Chinese company is a reliable partner, and this meeting can become a signal for deepening bilateral cooperation.As ArmInfo reported earlier, on November 13, 2014, the Board of Directors of the World Bank approved a $ 40 million credit program aimed at the modernization of three electric substations - Akhtanak, Charentsavan -3 and Vanadzor-1. The total cost of the program is $ 50 million, of which $ 10 million will be provided by the Armenian government. The funds of $ 40 million were provided through the World Bank structure in the face of the International Bank for Reconstruction and Development with a maturity of 25 years, with a grace period for payments in the first 10 years and a floating interest rate.
Another $ 52 million will be spent on upgrading the electric substation "Ashnak" with a capacity of 220 kV and Yerevan TPP. The whole project "Improvement of Electricity Supply Systems (ETNIP) of Armenia" is estimated at $ 69.16 million, of which $ 52 million will be provided by the WB, and the rest by the RA Government. The loan will be provided through the International Bank for Reconstruction and Development for a period of 25 years and a grace period of 14.5 years at a rate of Libor + variable margin, which currently stands at 0.25%. To upgrade the 220-kilovolt electric substation "Ashnak", which is on the balance of CJSC "High-voltage transmission lines", will be directed $ 16.4 million. The substation was built in 1983 and serves about 120 thousand consumers - the population and the enterprise. Since 1987, no repairs have been carried out at the substation. With the attraction of credit funds, this facility will be fully completed. On $ 2.6 million for CJSC "High-voltage transmission lines" will be purchased special equipment and equipment to maintain networks.