Armenia and Iran signed a document on the long-anticipated construction of two hydropower stations on the Arax River. The agreement stipulates that the $323 million project will be fundamentally financed and operated by Iran, 793 million kWh of energy transported to Iran annually, and the stations transferred to Armenia's ownership 15 years later. Construction was expected to commence in 2011 and take five years to complete. By 2021, construction had not begun. Small plants According to a USAID sponsored report, 313 small hydroelectric power plants (small HPPs) with an installed capacity of 243.366 MW and an average yearly electricity production of 737.38 GWh are installed in the country. In 2006, the small HPPs produced 166.6 GWh of electricity. Wind Solar Geothermal Armenia is constructing the Jermaghbyur Geothermal Power Plant which will be the country's largest geothermal power plant having an installed electric capacity of 150 MW. See also Economy of Armenia Electricity sector in Armenia Ministry of Energy Infrastructures and Natural Resources Renewable energy in Armenia Notes External links Armenian Nuclear power plant Ministry of Energy and Natural Resources of Armenia Public Services Regulatory Commission of The Republic of Armenia (statistics on electricity generation & consumption, natural gas consumption, and thermal energy generation) Hrazdan Energy Company Economy of Armenia