The Export Development Bank of Iran (EDBI) and the Hayoun Company of Armenia signed a contract for building the third electricity transfer line of two circuits 400 kilovolts.

The agreement was signed by EDBI Managing Director Ali Salehabadi and Hayoun Company Managing Director Ananyan, reported IRNA news agency of Iran.       

According to the contract, the EDBI will allocate €83 million from the €107.9 million of the total cost of the project.

The project will be ready within eighteen months to exchange electricity between Iran and Armenia.

Ananyan said that by execution of the third line, the two countries can exchange up to 1,000 megawatts of electricity.

He added that that by building the third line between Iran and Armenia, the Iranian electricity grid will be connected also to Georgia, Russia and Turkey.