Yerevan: Armenia says that Iran will spend USD 320 million on building a power plant on a river marking their border.
The Armenian President attended a groundbreaking ceremony today for the Meghri hydroelectric plant on the Aras river. The construction is expected to take five years, the Armenian Energy Ministry said.
Iran will get all the electricity produced by the 130-megawatt plant during the first 15 years of its operation, after which it will be handed over to Armenia.
Overwhelmingly Christian, Armenia has developed ties with the Islamic state amid economic challenges caused by the closing of the landlocked country`s borders with Turkey and Azerbaijan in the wake of the conflict over Nagorno-Karabakh, which has been under the control of Armenian troops and local ethnic Armenian forces.