ArmInfo. The Eurasian Development Bank is ready to provide CJSC "Electric Networks of Armenia" (ENA) with $ 100 million for development and modernization of the country's energy infrastructure. The agreement on intentions was signed on October 31 on the margins of the XII International Conference "Eurasian Integration", held under the auspices of the EDB, between the EDB, JSC "Energy Networks of Armenia" and its shareholder the Russian Group of Companies "Tashir", the special correspondent of ArmInfo informs.
As it was reported at the signing ceremony of the agreement, the total cost of the program for the modernization and development of Armenia's electricity networks will be about $ 700 million. The project for the implementation of the first phase of the program has already been approved and envisages the implementation of investments of $ 200 million by 2021. On November 15 the second phase of the development program will be officially presented ENA, the cost of which will be $ 500 million. The project implementation of the program will involve not only EDB loan funds, but also the resources of the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB). About half of the resources in the development of electric grids are invested in the project by its main shareholder - the Tashir Group of Companies.
On July 27, 2017, the Armenian government allowed JSC Tashir Capital to pledge shares of JSC Electric Networks of Armenia to obtain a large loan from the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD). According to the draft decision of the executive body, 69.9999594% (172496) shares of ENA will be put on bail.
Earlier, at a press conference in Yerevan, responding to a question from ArmInfo, the general director of the of the company Karen Harutyunyan reported that the total cost of the investment program of Armenia's electricity networks for the next five years will be $ 200 million, of which $ 80 million will be provided by ADB and the same amount by the EBRD. After the implementation of this stage of the program, the company will start implementing a 10-year project worth $ 500 million. The Board of Directors of ADB approved a credit program providing for the issue of a loan to "Electric Networks of Armenia" in the amount of $ 80 million. The funds will be used to improve distribution networks and increase energy security. Investments will help improve the distribution of electricity in the private sector, reduce losses in the energy system from the current 10% to 8% by 2021. Let us note that on July 3 this year the company "Electric Networks of Armenia" received an international independent certificate of quality and compliance with the world requirements ISO 9001: 2015. Certified audit was conducted by the world leader in the field of independent expertise, one of the largest international bodies for the certification of management systems by TUV Rheinland. The group of companies Tashir, headed by a large Russian businessman of Armenian origin Samvel Karapetyan and Inter RAO, signed an agreement on the purchase and sale of electricity assets of the Russian energy holding in the Republic of Armenia - JSC Electric Networks of Armenia and Hrazdan Thermal Power Plant on September 30, The reason for the sale of the company was public outrage over the unjustified, according to consumers, increase in electricity prices by about 16.7% (6.93 drams per 1 kWh). The regulator's decision to raise the tariff caused a wave of protest, and in order to contain the protest mood, the Armenian authorities agreed to conduct an audit of the validity of the PSRC decision on the growth of tariffs and the activities of the Electric Networks. In addition, the country's authorities have decided to subsidize the increased tariff for the population and small and medium-sized businesses, until the energy company's audit is completed. JSC Electric Networks of Armenia was established in May 2002 as a result of the merger of four state regional electricity distribution and distribution companies: Yerevan Electric Networks, Northern Electric Networks, Southern Electric Networks and Central Electric Networks. The main activity of the company is the regulated distribution and sale of electricity. The total length of the networks is 36 thousand km. The company serves about 985 000 consumers. JSC "Electric Networks of Armenia" has an exclusive license for transmission and distribution of electricity in the territory of the Republic of Armenia at guaranteed tariffs, calculated on the basis of company costs and a regulated rate of return on investment.