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Add to Preferred SourcesThe Asian Development Bank (ADB) signed a $44 million loan with ArmPower CJSC, a special purpose company owned by Renco Power and Siemens Project Ventures, to help expand and diversify power generation sources developed by the private sector in Armenia.
The assistance will finance a state-of-the-art 250-megawatt gas-fired combined-cycle cogeneration power plant with annual production of up to 2,000-gigawatt hours. The facility will be the country’s first greenfield project-financed power plant. It will also create local employment during the construction and operation of the plant while boosting sector efficiency and reliability by helping to partially replace aging power generation assets with modern facilities.
“ADB’s support for diversification of primary energy sources in Armenia will allow the country to replace aging power plants and generate power more efficiently,” said ADB Principal Investment Specialist for Private Sector Operations Ms. Sonali Tang. “ADB’s financing will establish a precedent for future financing of similar private sector projects in Armenia by boosting investor and lender confidence.”
ADB’s participation will further strengthen the project’s environmental and social standards and support reductions in greenhouse gas emissions in the country. The loan supports the energy policy of the Government of Armenia, which highlights the role of the private sector to advance energy security through the diversification of energy sources. This project also complements ADB’s earlier financing to Armenia’s private sector power distribution company, Electric Networks of Armenia, to further improve the efficiency of the electricity sector.
Original source: ADB
Published on 04 March 2019