1000-1200 New Jobs with an Average Salary of 250-300 Thousand Drams

Prime Minister Nikol Pashinyan attended the ceremonial launch of the construction phase for a new gas-fired combined cycle power plant in Yerevan, with a capacity of 250 megawatts. The project is being executed by the Italian company Renko.

Approximately 250 million USD is expected to be invested for the implementation of this project, which also involves the Italian state company Simest and the German firm Siemens, as well as international financial organizations. The construction of the plant is scheduled to be completed within 26 months from the start date.

The electricity generated by the new plant is anticipated to be cheaper than that produced by thermal power plants, costing 27.4 drams per kilowatt-hour.

It was reported to the Prime Minister that the construction phase will engage 1000-1200 workers, with an average salary ranging from 250,000 to 300,000 drams, while around 230 jobs will be created during the operational phase. The plant's efficiency is expected to reach 53%.

The new production capacity will also be utilized in regional projects, particularly in the Armenia-Iran gas and electricity exchange program.

The framework agreement for the project was signed on April 27, 2017, and its terms were renegotiated by the new government led by Prime Minister Pashinyan, culminating in the signing of the "Amended and Restated Framework Agreement" on November 13, 2018, allowing for the construction of a 250 megawatt gas-fired combined cycle power plant in Yerevan.