Arka News Agency (AKA) cited Khachatryan as saying that upgrades to the second unit of the nuclear power plant will extend its operational life from 2016 to 2026.
Scheduled to be performed from 2014 to 2018, the upgrade work will include repair and re-equipment of the second unit of the power plant.
Armenia is expected to make the first repayment of the loan, which has been granted for a period of 10 years at a rate of 3% per annum, to Russia in January 2019.
Russia earlier agreed to provide a loan of $270m to Armenia for the modernization of the second unit of the Armenian NPP as well as a $30m grant.
Located approximately 30km west of Yerevan, the Metsamor nuclear power plant was built in the 1970s but was shut down following an earthquake in 1988.
In 1995, the government reactivated one of the power plant’s two VVER 440-V230 light-water reactors.
Currently, the power plant generates approximately 40% of Armenia’s electricity.
However, the Armenian government is seeking funding, estimated as much as $5bn, for its plan to construct a new facility that can operate at double the generation capacity of the Soviet-built plant.
Image: Cooling towers of the Metsamor nuclear power facility in Armenian. Photo: courtesy of Bouarf.
