The Italian Renco Company will build a 250 MW combined-cycle thermal power plant in Yerevan, Armenia. A relevant agreement was signed today by Armenia’s acting Minister of Energy Infrastructures and Natural Resources Garegin Baghramyan, Renco CEO Giovanni Rubini and ArmPower CEO Christian Cucurachi.
The investment project worth $250 mln is being implemented by ArmPower CSJC, a special purpose entity owned by the Italian company RENCO S.P.A. The project is being developed by a consortium including Renco S.p.a., Simest S.p.a. and Siemens Project Ventures.
The power plant will be constructed in 26 months and will offer cheaper electricity as compared to other plants (27.4 AMD per kWh).
About 1000-2000 people will be involved in the construction of the TPP. When exploited, it will create 230 new jobs. Construction works will start after financial calculations are completed.
Renco, present in Armenia for the last sixteen years, is an Italian company with core activities encompassing engineering and construction services in the energy, oil & gas and infrastructure sectors.