€10 mln grant for uniting Armenian and Georgian energy systems | EUNewsletter

€10 mln grant for uniting Armenian and Georgian energy systems

14 January 2015

 

IMG_0043The signing of a loan agreement took place on 9 December at the Armenian Ministry of Finance. Gagik Khachatryan, on behalf of the ministry, representatives of KfW bank and “High Voltage” CJSC signed an agreement for a €85.2m loan; €75m will be provided by the KfW bank and another €10.2m by the Federal Republic of Germany for the primary stage of the “Caucasian energy supply network I” project.

Armenian and Georgian energy supply systems will be unified within the framework of the project through the village of Ayrum on the border between the two countries. The respective renovation works will lead to the synchronisation of Armenian and Georgian power supply systems and better import/export systems for surplus/scarce electricity.

Apart from the signed agreement a €10m co-funding loan will be provided by the European Investment Bank and another €10m worth grant through the European Union Neighbourhood Instrument. This will make the total budget allocated within the framework of the project €105.2m due to two “High Voltage” CJSC is the main beneficiary of the project and will receive the allocated loan and grant funds.

€10 mln grant for uniting Armenian and Georgian energy systems

  IMG_0043The signing of a loan agreement took place on 9 December at the Armenian Ministry of Finance. Gagik Khachatryan, on behalf of the ministry, representatives of KfW bank and “High Voltage” CJSC signed an agreement for a €85.2m loan; €75m will be provided by the KfW bank and another €10.2m by the Federal Republic of Germany for the primary stage of the “Caucasian energy supply network I” project. Armenian and Georgian energy supply systems will be unified within the framework of the project through the village of Ayrum on the border between the two countries. The respective renovation works will lead to the synchronisation of Armenian and Georgian power supply systems and better import/export systems for surplus/scarce electricity. Apart from the signed agreement a €10m co-funding loan will be provided by the European Investment Bank and another €10m worth grant through the European Union Neighbourhood Instrument. This will make the total budget allocated within the framework of the project €105.2m due to two “High Voltage” CJSC is the main beneficiary of the project and will receive the allocated loan and grant funds.