A German-Italian consortium inaugurated on Monday in the presence of Prime Minister Nikol Pashinian a thermal power plant built in Yerevan as part of a $270 million project approved by the Armenian government. The 254-megawatt facility is expected to enable Armenia to use less natural gas for electricity generation. It will also diversify foreign ownership in the country’s energy sector. The ArmPower consortium consists of a subsidiary of Germany’s Siemens group and two Italian companies. One of them, Renco, is the main engineering, procurement and construction contractor in the project. Work on the new power plant began in earnest in July 2019 four months after ArmPower secured more than $200 million in loans and loan guarantees from several international lenders, notably the Washington-based International Finance Corporation (IFC). Some 1,200 people have worked on the project and around 50 new permanent jobs have been created. The electricity that the plant will generate will be the cheapest produced by power plants of this type.
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