Iran and Armenia have signed an agreement to construct the Meghri hydroelectric power plant over the Aras River, between the two countries.
The two nations have agreed to commence construction of the hydroelectric power plant on 22 August 2012. Upon completion, the plant will be able to produce 130MW of electricity, reports Press TV.
Armenia and Iran will simultaneously start the power plant construction in Armenia’s Meghri and Iran’s Qarachilar regions, respectively.
Iran Grid Management Company (IGMC) managing director, Mir Fattah Ghareh Bagh, was quoted by Press TV as saying that the country’s electricity exports to Armenia would increase upon the completion of the 400-kV power transfer line.
The new line will connect electricity network in Iran to the Agarak city in Armenia.
Iranian Deputy Energy Minister, Mohammad Behzad, said the new power transmission line will take Iran’s electricity to Georgia, Russia and Europe.
Iran, which is currently exchanging electricity with Armenia, Azerbaijan, Afghanistan, Pakistan, Nakhichevan, Iraq, Turkmenistan and Turkey, is planning to attract over $1.1bn in investments to build three new power plants in the country.