ArmInfo.By 2036, Electric Networks of Armenia CJSC will invest 296 billion drams in the modernization of the grid system. This was announced at a press conference on September 4 by the company's CEO Karen Harutyunyan.
According to him, in 2016-2024, the company has already invested almost 244 billion drams or about $680 million. With the implementation of the new investment program, the investment volume will exceed 540 billion drams.
At the first stage of the program, 88.2 billion drams were allocated for the modernization of the electric grid system, 81.3 billion drams for connecting new subscribers, and 74.4 billion drams for the implementation of a new payment system.
The new investment program, as the CEO emphasized, will further improve the quality of electricity supply to consumers, reduce the number of outages and further reduce the level of losses. At the same time, significant attention will be paid to the center of Yerevan and the Arabkir administrative district. In 10 days, the implementation of a project worth 6.3 billion drams will begin, which will be aimed at modernizing all electrical substations supplying electricity to both districts of the city. All work, Harutyunyan continued, is carried out in agreement with the Yerevan City Hall. Financial resources for the new program will mainly be attracted from the company's own funds. In addition, "Electric Networks of Armenia" already has experience in placing bonds on the Armenian Stock Exchange, and it is quite possible that this process will continue in the future. The company also counts on traditional international partners in the person of the European Bank for Reconstruction and Development, the Asian Development Bank, the International Finance Corporation, a member of the World Bank Group and local commercial banks.
