Two power plants will be built on either side of the Aras river.
Iran and Armenia plan to start building two major hydro-electric stations on their border early next year, the energy ministers of the two countries said in Yerevan.
The two power plants will be built on either side of the Aras river marking the Armenian-Iranian border and have a capacity of 130 megawatts each. They both are to be built by an Iranian company, Farad-Sepasad.
Movsisian said last month that Armenia will finance its share of the project with electricity to be generated at the facility and supplied to Iran. "We will need 15 years to pay back the [Iranian] investments with electricity supplies," he said, adding that the plant will then become property of Armenia.
Namjou and Movsisian inaugurated the launch of another Armenian-Iranian energy project.
It involves the construction of a third high-voltage transmission line linking the two countries' power grids. The line will allow a substantial increase in Armenian electricity exports to the Islamic Republic.
That electricity is to be generated at Armenian thermal-power plans using natural gas supplied from Iran. Iranian gas deliveries to the country began in May last year.
Iranian Energy Minister Majid Namjou and his Armenian counterpart Armen Movsisian signed a memorandum of understanding to launch the construction which will take five years.
"We are determined to announce the launch of this very important project as soon as possible," Namjou said. He said final details of the project will be worked out during Armenia Prime Minister Tigran Sarkisian's visit to Tehran slated for the end of this month, Iran daily reported.
ILNA
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