PSRC APPROVES 14.6 MILLION EURO INVESTMENT PROGRAM OF ARMENIAN HIGH VOLTAGE ELECTRICAL NETWORKS

ARKA
Dec 2, 2009

YEREVAN, December 2, /ARKA/. Armenia’s Public Services Regulatory
Commission (PSRC) has approved today the 14.6 million Euro investment
program of the Armenian High Voltage Electrical Networks company.

Abgar Budagian, head of a PSRC department in charge of investment
programs, said the money will be spent on restoration of Gyumri-2
sub-station in Armenia’s second largest town.

Budagian said the investment will be generated from a loan arrangement
signed by the company with Armenian ministry of finance and German
KfW bank.

Karapet Gevorkian, head of the Armenian representation of KfW, said
the loan will be disbursed in two tranches each 7.3 million Euros. The
first will be allocated by the German government and the second by
the bank. Karapet Gevorkian said the first disbursement may be made
as early as 2010 January.

The High Voltage Electrical Networks runs the closed ring-like networks
of high voltage electrical transmission lines in Armenia.