German KfW bank to assist Armenia in implementation of energy projects
YEREVAN, September 27. / ARKA /. Dirk Schattschneider, head of the Division for the South-Eastern and Eastern Europe, South-Caucasus of the German Federal Ministry for Economic Cooperation and Development, who was in a German KfW bank delegation that visited Armenia last week, said KfW is interested in the implementation of energy conservation and renewable energy projects in Armenia, at a meeting with Armenian Minister of Energy and Natural Resources Yervand Zakharyan last Friday, the Armenian ministry said.
It quoted minister Zakharyan as saying that the Armenian side stands ready for the implementation of such projects. He also thanked the German government and KfW Bank for assistance, noting that the KfW-financed construction of a power transmission line from Georgia to Armenia with 400 kW capacity proceeds well. He stressed the importance of the project in terms of the integration of energy systems of the region.
The total cost of this program is 320 million Euros. The program will be implemented in three phases -the first was launched in 2014 and will end in 2018, the second phase will end in 2021 and the third in 2026.
In the first phase Armenian and Georgian energy systems will be united through a high-voltage direct current (HVDC) line to be built in Armenian Ayrum on the border with Georgia. The new substation and the transmission line will enable Armenian and Georgian power grids to work in the same mode and make electricity swaps.
The total cost of the first phase of the project 105.2 million Euros. This phase is co-financed by the European Investment Bank (10 million euro loan) and the EU Neighborhood Investment (10 million euro grant). Another 85.2 million euro loan is to be provided by German KfW bank. The agreement with KfW was signed in 2014 December and the agreement with European Investment Bank was signed in 2015 March. -0-
It quoted minister Zakharyan as saying that the Armenian side stands ready for the implementation of such projects. He also thanked the German government and KfW Bank for assistance, noting that the KfW-financed construction of a power transmission line from Georgia to Armenia with 400 kW capacity proceeds well. He stressed the importance of the project in terms of the integration of energy systems of the region.
The total cost of this program is 320 million Euros. The program will be implemented in three phases -the first was launched in 2014 and will end in 2018, the second phase will end in 2021 and the third in 2026.
In the first phase Armenian and Georgian energy systems will be united through a high-voltage direct current (HVDC) line to be built in Armenian Ayrum on the border with Georgia. The new substation and the transmission line will enable Armenian and Georgian power grids to work in the same mode and make electricity swaps.
The total cost of the first phase of the project 105.2 million Euros. This phase is co-financed by the European Investment Bank (10 million euro loan) and the EU Neighborhood Investment (10 million euro grant). Another 85.2 million euro loan is to be provided by German KfW bank. The agreement with KfW was signed in 2014 December and the agreement with European Investment Bank was signed in 2015 March. -0-