The combined-cycle power plant built by the Italian industrial plant engineering company Renco S.p.A., on the outskirts of Yerevan, and started in July 2019, has been inaugurated. The plant will cover up to 20% of Armenia’s electricity needs.
The contract value was USD 258.5 million, with financing of USD 164 million from a group of international financial institutions, under the coordination of IFIC (World Bank Group), as well as an investment of USD 56.9 million from Renco and Simest and USD 37.9 million from Siemens. For the next 25 years, Renco and Simest will control 60% of the plant and Siemens the remainder.
