Ground was broken for a new Yerevan 2 combined cycle power plant in Armenia’s capital today in a ceremony attended by Prime Minister Nikol Pashinyan. The project is run by the Italian “Renco” company.
About $250 mln is expected to be invested into the project by the Italian Simest and German Siemens Companies, as well as international financial institutions.
The new combined cycle power plant will have an electrical capacity of 250 megawatts and is expected to go into operation by mid-2021. The new plant is expected to bring about a 1.5 AMD drop in electricity tariffs.
Speaking at the ceremony, Prime Minister Nikol Pashinyan said 1000-1200 people will be involved in construction works with an average salary of 250-300 thousand AMD, while 230 permanent jobs will be created after the plant is commissioned.
The new generating capacity in the energy system will be used in regional programs, namely the “gas for electricity swap” deal between Armenia and Iran.