By Tigran Liloyan
(Itar-Tass) - A hydroelectric power plant to be built on the Araks River on the Armenian-Iranian border will cost from $60 million to $80 million, Energy Minister Karen Galustian said Sunday.
The project, presented at the recent business forum in New York City on investments in the Armenian economy, aroused interest of several foreign companies, the minister said.
The power plant will have a capacity of about 78.9 megawatt and generate 469 million kilowatt/hours of electricity a year and will take more than five years to be constructed.
A joint venture between Armenia and Iran has been set up to design the power plant, director of the Armhydroenergoproject Institute Armen Grigorian said. They will decide whether the power plant will have Armenian and Iranian sectors or be a joint
facility, he noted.