Interfax - Russia & CIS Energy Newswire Wednesday 9:37 AM MSK New Iranian investors might join hydro project on Armenian-Iranian border YEREVAN. Feb 14 Iran's Tavan Aab Araz, which was acting as an investor in the construction of the Meghri Hydropower Plant on the Armenian-Iranian border, has failed to meet its obligations, so the participation of other Iranian companies is being considered, Armenian Deputy Energy Infrastructure and Natural Resources Minister Aik Arutyunyan said. The project has not been carried out because the Iranian company that assumed these obligations did not fulfill them, and now other Iranian companies are considering the possibility of investing in the construction of the hydropower plant, Arutyunyan told reporters on Tuesday. A delegation of Iranian companies plans to visit Armenia and hold negotiations on the investment program, he said. "This is a major investment program that we plan to implement with new participants. We're hoping for concrete results this year," Arutyunyan said. He did not rule out the possibility of changing the parameters of the project "taking into account changes in water resources and applied technologies." Iran's ambassador to Armenia said last Monday that companies are to blame for dragging out the construction of the hydropower plant, not the governments of Armenia and Iran. Armenia and Iran planned to build two 130 MW hydropower plants on the banks of the Aras River that runs along their border, in Meghri on the Armenian side and in Karachilar on the Iranian side. The plants will be connected by a drainage tunnel. The cost of building the Meghri plant was estimated at $323 million, and Tavan Aab Araz was acting as the investor. Armenia will pay for the Iranian investment with electricity. The plant will be operated by Iran's Farat-Sepasat for 15 years after its launch and the electricity it generates will be supplied to Iran, after which Armenia will assume ownership. The foundation laying ceremony for the Meghri plant was held back in November 2012 and construction was scheduled for completion in 2017. But in February 2016 Armenia revised the project due to changes in environmental conditions. In particular, the capacity of the plant was scaled down to 100 MW from 130 MW due to lower water levels in the Aras River.