ArmInfo. Electric Networks of Armenia CJSC, part of the Tashir Group, is starting the implementation of the second stage of modernization of the electric grid facilities. To this end, the company attracted loans from the European Bank for Reconstruction and Development (EBRD) (USD 70 million) and the Asian Development Bank (ADB) (USD 35 million).
Vice-President of Tashir Group, Chairman of the Board of Directors of Electric Networks of Armenia CJSC Karen Darbinyan told ArmInfo news agency about the peculiarities of the program. "At the first stage of the program implementation, we focused on eliminating network losses, replacing electricity meters using smart electricity meters. At the second stage, more attention will be paid to improving the quality of electricity and reducing blackouts. These are our commitments, which we assumed by signing a corresponding agreement with the Public Services Regulatory Commission>.
The Vice-President of the Tashir Group of Companies recalled that the total amount of loans provided to the power grids is $ 105 million. The first tranche of these funds in $ 60 million will be received next week, and in November the company will receive the remaining $ 45 million, after which the implementation of the second stage of the program will begin.
Karen Darbinyan noted that as of today, out of the total project amount of $ 726 million, work has already been implemented for a little more than 40% or more than $ 300 million. In a second phase, the company is slated to complete its 10-year modernization program by 2027.
Answering the question of how the loss level of 6.8% was not achieved, Karen Darbinyan pointed to the effectiveness of the invested funds and work with personnel, who managed to convince that working with a good salary is always more profitable than engaging in fraud.
To rcall, "ENA" was acquired by the Tashir Group of Companies, headed by a prominent Russian businessman of Armenian origin Samvel Karapetyan, from the Russian company "Inter RAO" in September 2015. The agreement provided for the acquisition of electric power assets of the Russian energy holding in the Republic of Armenia - "Electric Networks of Armenia" CJSC and Hrazdan TPP. "Electric Networks of Armenia " CJSC was established in May 2002 as a result of the merger of four state- owned regional companies for the distribution and sale of electricity: 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 1 million consumers. "Electric Networks of Armenia" CJSC has an exclusive license for transmission and distribution of electricity in the territory of the Republic of Armenia at guaranteed tariffs calculated based on the company's costs and a regulated rate of return on invested capital.
