Siemens Reports Its Biggest Order From Armenia

By Jack Burke27 June 2019

Siemens will supply a complete power island for the new Yerevan 2 combined cycle power plant at the existing plant site in the Armenian capital.

The new combined cycle power plant will have an electrical capacity of 250 MW and is expected to go into operation by mid-2021. Siemens’ scope of supply includes the power island, which consists of an SGT5-2000E gas turbine, an SST-600 steam turbine, two SGen-100A generators, and the heat recovery steam generator. It also covers the SPPA-T3000 control system. Yerevan 2 is the largest single order that Siemens has ever received from Armenia.

The operating and maintenance agreement also includes power diagnostic services, support from the Remote Expert Center, and remote operation support. Siemens Financial Services (SFS) – Siemens’ financing arm – holds a 40% share in the special-purpose project company ArmPower founded specifically for this project.

The Italian engineering, procurement, and construction (EPC) firm Renco S.p.A. is responsible for building the entire plant, and together with the Italian equity company Simest S.p.A., it holds a 60% share in ArmPower.

“Yerevan 2 will be the first project-financed fossil power plant project in Armenia to produce environmentally friendly electricity at ultra-low cost,” said Olaf Kreyenberg, head of Power Generation Europe and CIS at Siemens Gas and Power. “Lower energy costs will help spur growth in Armenia. Under the 20-year service agreement, Siemens will ensure that the plant continues to produce electricity economically and reliably over the long term.”
“The financial participation of SFS in the project company ArmPower was crucial to realizing this project and to ensuring a successful financial close. The fact that Siemens can provide the technology, service, and financial expertise as a co-investor in the project is a win-win for greenfield power in Armenia,” said Steffen Grosse, CEO of Equity Finance at SFS.

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