YEREVAN. – Abstracts of the agreement on construction of new thermal power plant have been approved by the Armenian government during a session on Thursday.

According to the agreement, $600 million will be allocated for the construction of a thermal power plant consisting of two units with General Electric 270 MW gas turbines.

The constructor, Anaklia IEP Holding, expressed readiness to deal with the export of produced electricity.

“Armenia needs this project. This is a major investment program, which will expand our ability to export electricity,” Prime Minister Hovik Abrahamyan said. 

Minister of Energy Yervand Zakharyan said the government, for its part, is ready to give the company tax preferences and guarantees for the protection of investments.

A few days ago Minister Zakharyan said that Armenia will ask Japan for a loan of $400- 450 million for the construction of a new power unit of Yerevan TPP.