On 30th of May 2016, in the Ministry of Finance was signed 10 mln euro grant agreement provided by the Neighborhood Investment Facility for the European Union project" Caucasus Electric transmission network Lines." The agreement was signed by the Minister of Finance Gagik Khachatryan, General Director of "High Voltage Electric Networks" Aram Ananyan, Head of the EU Delegation to Armenia Peter Anthony Svitalskin, KFW director in the Caucasus office Lars Oermann. The total cost of the first phase of "Caucasus Electric transmission network Lines” project is approximately 105.2 mln euro, 85.2 mln euro of which was allocated by KFW Bank - 75 mln euro of its own funds and 10.2 million euro allocated by the Federal Republic of Germany. At the same time the 1st stage of the project was co-financed by the European Investment Bank loan at the extent of 10 mln euro. Now "Caucasus Power transmission Lines investment plan is increased by 10 mln euro grant provided through the European Union Neighborhood Investment facility (EU NIF). The amount allocated under the program will be used for the construction of high voltage direct current converter station, construction of 500/400/220-kV substation through Ayrum, construction and connection of transmission lines. The project is of strategic importance for the Energy system of Armenia, since through the Ayrum 500/400/220-kV high-voltage direct current converter station will be possible to ensure a reliable connection of energy systems of Armenia and Georgia, Russia and Iran, strengthen the security of regional energy systems, as well as to provide their parallel operation. Furthermore, connecting Armenian and Georgian energy networks provide the South Caucasus regions with reliable, flexible and mutually beneficial cross-border exchange capabilities.
