PanARMENIAN.Net - Drilling works have launched for the construction of a geothermal power station in Karkar community of Armenia's Syunik province, the first-of-its-kind plant in the country.

In case the results of geological surveys carried out in the area are approved, a 30 MW geothermal power station will be constructed here with an annual production capacity of up to 250 million kilowatts of electricity.

The drilling works are co-financed by the Climate Investment Fund and the government which have provided $9 million and $2 million, respectively. Three wells with a depth of 1500 meters each will be dug. Based on the results, a final assessment of the area's geothermal resource will be provided.

Accordingly, an international tender will be announced to find investors for the construction of the station, priority will be given to the participant offering the lowest price.

The construction of the plant is estimated at $100 million. It is an environmentally friendly and renewable energetic resource which can turn into a long-term source of electricity production in the event of correct operation.