Armenia secures €135m for energy grid revamp, linking to Europe
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Two new financing agreements worth €135 million have been signed to support Armenia’s Caucasus Transmission Network project.
The deals were signed on 19 March by Armenia’s finance minister Vahe Hovhannisyan and KfW director Garcia Del Arco, in the presence of Armenian government representatives, German ambassador Claudia Busch, EU commissioner Marta Kos, and representatives from KfW and the European Investment Bank (EIB), according to a statement published by the European External Action Service (EEAS).
The funding is intended to strengthen Armenia’s energy security and independence, expand renewable energy generation, and integrate Armenia’s power market more closely with the region through the transmission network, the EEAS reported.
It said the project would support cross-border electricity exchange across the South Caucasus and that Armenia would gain access to the European grid.
Source: Wikipedia
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