Armenia, Yerevan: Russia-based Tashir group of companies assisted by Investors Club and a number of international organizations will invest a total of $1 billion in Armenia’s energy sector, according to the deputy CEO of Tashir, Karen Darbinyan.
The investments will be channelled into power distribution networks and electricity generation, with $900 million allocated to the modernization of the national distribution company, Electric Networks of Armenia (ENA), reports Arka.
About $200 million will be spent on the construction of Shnokh HPP, set to generate 120 MW of electricity.
For this project, Tashir will receive loans from the Asian Development Bank and the Eurasian Development Bank, while negotiations are under way with other international lending organizations.
In September 2015, the Tashir group of companies acquired ENA from the Russian power holding Inter RAO UES.