The Armenian government has announced it has decided to use only 60 percent of a $270 million Russian loan designed to finance the ongoing modernization of its Soviet-era nuclear power plant at Metsamor. The plant’s sole functioning reactor went into service in 1980 and was due to be decommissioned by 2017. However, a previous government in 2014 decided to extend the life of the 420-megawatt reactor by 10 years after failing to attract foreign investment for the construction of a new nuclear plant. In 2015, the Russian government agreed to provide Armenia with a $270 million loan and a $30 million grant to upgrade the Metsamor nuclear power plant. The modernization work, led by Russia’s Rosatom nuclear energy agency, was due to be completed by the end of 2019, but the process fell behind schedule, preventing the full disbursement of the Russian funds.
Radio Free Europe 12th June 2020 read more »