The IFC and MIGA have arranged a $202 million debt finance and guarantee package for Armenia’s first greenfield project-financed power plant.
The landmark deal will help Armenia to bolster its power generation sector and drive economic growth, said IFC and MIGA, both members of the World Bank Group. It will finance construction of a 250 MW combined cycle gas turbine power plant in the south of Yerevan.
The new plant will generate up to 2000 GWh annually, helping to ensure a reliable power supply while reducing the country’s reliance on imported fuels and dated, low-efficiency thermal power plants.
The funding will go to ArmPower, established by a consortium of Siemens Project Ventures, Renco and Simest.
