The International Finance Corporation (IFC) has announced that it had arranged $202 million of debt funding and a guarantee package for the construction of a 250-megawatt power plant in Armenia.
The combined-cycle gas turbine power plant, which is intended at producing up to 2,000 GW hours annually, will be built in the south of the capital Yerevan
The plant will benefit to surge efficiency for gas-fired electricity generation and certify a reliable power supply in the former Soviet country, which relies on ageing low-efficiency thermal power plants.
"This project is part of the World Bank Group's fundamental efforts to help ensure a reliable power supply in Armenia," believed Jan van Bilsen, IFC Regional Manager, South Caucasus.
The IFC is the chief manager of the package, while World Bank Group member MIGA is providing a guarantee of up to $39 million to help manage non-commercial risks.
The funding is provided by the IFC, which will earmark $163 million, as well as the Asian Development Bank, the OPEC Fund for International Development and German development finance institution DEG.
It will go to ArmPower, which established a association comprising Germany's Siemens Project Ventures GmbH, Italy's Renco Spa, and SIMEST Spa, an Italian development finance institution.
Renco, which will manage non-commercial risks, will also act as the engineering, procurement and construction contractor for the plant.
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