Iran will finance the project which is expected to cost over 450 million euros.
Tehran, Jan 29, 2011 – Energy Minister Majid Namjoo says that the establishment of a hydraulic power plant over Aras River in Armenia by Iran will be in the interest of both countries, according to IRNA.
Talking to reporters after a meeting with Armenian Energy Minister Armen Movsisyan, Namjoo said Iran will finance the project which is expected to cost over 450 million euros.
He further noted that a power plant over Aars River inside Iran is being constructed by domestic experts.
Double-circuit line with a generation capacity of 400 kilowatts, the power plant is also being financed by Iran in another joint project aimed at using the country’s electricity in exchange for Iran’s gas.
Movsisyan is currently in Tehran to talk with Iranian officials and pursue the joint projects.
Aras River flows through Turkey, Armenia, Iran, and Azerbaijan. Given its length and a basin that covers an area of 102,000 square km, it is one of the largest rivers of the Caucasus.