MADRID, May 31, 2012 /PRNewswire/ --
- The project, valued at $250m, is funded by the Asian Development Bank
- The works are scheduled to take up to 3 years
Isolux Corsán has been awarded a contract to build 91.7 kilometres of road in Armenia. The project is located in the country's north-south communication corridor, 550 km long, which will connect Armenia with Iran to the south and with the Black Sea via Georgia to the north. It will require a capex of over $1.5 bn.
The section awarded runs between Ashtarak and Talin. The company will be building additional lanes and new road on the existing M-1, and refurbishing the stretch between Yerevan and Ashtarak,-as well as refurbishing and enhancing the existing M-2 between Yerevan and Ararat.
The project awarded, with a tender value of $250m, is funded by the Asian Development Bank.
For Isolux Corsán, this contract opens the door into a new market with enormous potential, and the expansion of its construction division in a location the company considers strategic for its development.
About Isolux Corsán
Isolux Corsán is a major global company in the power, concession and construction businesses. It operates in over 30 countries on four continents. Its main growth drivers are the construction of large transport infrastructure, such as toll roads, railways, air-and sea-ports, hydro-power plants, and singular buildings. Isolux Corsán manages concessions that operate 533 kilometresof transmission lines in India, Brazil and the USA; 1,610kilometresof toll roads in Brazil, India, Mexico and Spain, and over 22,000 parking spaces in Spain.In the power industry, the group generates 250 GW/h of solar photovoltaic energy in Spain, Italy and India each year, and is a key player in the engineering, procurement and construction (EPC) of power plants, with 1,500 MW currently under construction. http://www.isoluxcorsan.com
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SOURCE Isolux Corsan