The Armenian government on Thursday, November 19, approved the signing of a memorandum with Italian Renco construction company that will build a new power – generating unit in Yerevan, ARKA reports.

Energy and Natural Resources Minister Yervand Zakharyan said the power house with 234 MW capacity is planned to be built near the Yerevan thermal power station. He noted that Renco expressed interest in the construction of the power plant and its further operation.

According to the Minister, the program envisages a total of $215 million investment. The sides will sign the agreement on the construction of the power unit once the preparatory work is over, he said. "We expect to conclude the construction before the end of 2018,” Zakharyan said.

Prime Minister Hovik Abrahamyan ordered the ministry to attend to every detail of the issue and discuss it with all interested parties within 2-3 days.

Besides the reconstructed Yerevan Hotel in the Armenian capital, Renco has built the Congress Hotel, the building of the Central Bank in Dilijan and the business center Piazza Grande.