Yerevan, October 08: Yerevan Thermal Power Plant (Armenia) hopes to receive a $140- million credit from the Japan Bank for International Cooperation to build a new power-producing unit at Yerevan Thermal Power Plant.
The plant’s General Director Ovanes Ovakimyan said that the Japanese bank should decide on the credit in February-March 2004. It is expected that the credit will be provided for 40 years at 0.9%-1.8% per annum. Repayments will begin 10 years after the launch of the new power- producing unit.
The Armenian side should provide an environmental impact report and a macroeconomic development study for the new unit by September 25.
Ovakimyan said that it is expected that the construction of the power-producing unit, with a capacity of 225 megawatts, will be completed in 2007. The construction will take two years and about another year will be needed to draw up the necessary documentation and hold international tenders to buy equipment.
The new unit is needed due to the wear out of the other units at the plant and also due to the need to improve the ecological situation in the country. He explained that the new power-producing unit would minimize harmful emissions and will also significantly reduce losses of electricity.
There are currently two power-producing units in operation at Yerevan Thermal Power Plant, which were built in 1965-1967. The total design capacity of the plant amounts to 550 megawatts, with 50 megawatts being used.
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