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EBRD PROVIDES IEC WITH $25 MILLION LOAN TO FINANCE MODERNIZATION OF SEVAN-HRAZDAN CASCADE
YEREVAN, January 31. / ARKA /. The European Bank for Reconstruction
and Development (EBRD) has provided the International Energy
Corporation (IEC) with a $25 million loan to finance the modernization
of the Sevan-Hrazdan cascade of seven hydropower plants in Armenia,
EBRD said in a pres release.
The Sevan-Hrazdan cascade, located on the River of Hrazdan, whose
length from Lake Sevan to Yerevan is 70 km, is one of the most
important components of Armenia's power grid with installed capacity
of 565 MW. The cascade accounts for 10% of electricity generated by
Armenia a year, while its water-conducting channels provide sufficient
water for irrigation of 70% of cultivated land in the country. The
EBRD financing will significantly assist the overall reconstruction of
the cascade, which was built between 1936 and 1961.
This will ensure continuous, stable and secure supply of electricity
and will also improve the overall operational efficiency and reduce
carbon emissions.
The largest stake in the International Energy Corporation, founded in
2003 for the operation of the Sevan-Hrazdan Cascade is owned by
Russian RusHydro, the largest power generating company in Russia.
"We are very happy to collaborate with International Energy
Corporation in implementing this important program, building
simultaneously a long-term cooperation with RusHydro. These two
companies bring their experience to hydropower, which we believe will
contribute to the success of this program," EBRD energy director
Nandita Parshad was quoted as saying in the press release.
According to her, the project will use the latest technology, which
will not only increase the production of clean energy in Armenia, but
also significantly reduce the current rate of losses due to damaged
water conveyance channels.
RusHydro board of directors member Konstantin Bessmertny said,' "I am
sure that the EBRD assistance is instrumental for modernization of the
Sevan-Hrazdan cascade. This long-term financing fully meets the needs
of the International Energy Corporation and what is extremely
important is that this program is cost-effective and, therefore, is
quite real and acceptable in the context of regulation of tariffs in
Armenia. "
Since its inception in Armenia in 1992 and to this date, the European
Bank for Reconstruction and Development has committed 613 million
euros for tens of porjects. Implementation of investments in "green"
energy is one of its e main priorities in Armenia. In 2012, it
signed agreements on 15 projects with a total budget of 94 million
euros.
YEREVAN, January 31. / ARKA /. The European Bank for Reconstruction
and Development (EBRD) has provided the International Energy
Corporation (IEC) with a $25 million loan to finance the modernization
of the Sevan-Hrazdan cascade of seven hydropower plants in Armenia,
EBRD said in a pres release.
The Sevan-Hrazdan cascade, located on the River of Hrazdan, whose
length from Lake Sevan to Yerevan is 70 km, is one of the most
important components of Armenia's power grid with installed capacity
of 565 MW. The cascade accounts for 10% of electricity generated by
Armenia a year, while its water-conducting channels provide sufficient
water for irrigation of 70% of cultivated land in the country. The
EBRD financing will significantly assist the overall reconstruction of
the cascade, which was built between 1936 and 1961.
This will ensure continuous, stable and secure supply of electricity
and will also improve the overall operational efficiency and reduce
carbon emissions.
The largest stake in the International Energy Corporation, founded in
2003 for the operation of the Sevan-Hrazdan Cascade is owned by
Russian RusHydro, the largest power generating company in Russia.
"We are very happy to collaborate with International Energy
Corporation in implementing this important program, building
simultaneously a long-term cooperation with RusHydro. These two
companies bring their experience to hydropower, which we believe will
contribute to the success of this program," EBRD energy director
Nandita Parshad was quoted as saying in the press release.
According to her, the project will use the latest technology, which
will not only increase the production of clean energy in Armenia, but
also significantly reduce the current rate of losses due to damaged
water conveyance channels.
RusHydro board of directors member Konstantin Bessmertny said,' "I am
sure that the EBRD assistance is instrumental for modernization of the
Sevan-Hrazdan cascade. This long-term financing fully meets the needs
of the International Energy Corporation and what is extremely
important is that this program is cost-effective and, therefore, is
quite real and acceptable in the context of regulation of tariffs in
Armenia. "
Since its inception in Armenia in 1992 and to this date, the European
Bank for Reconstruction and Development has committed 613 million
euros for tens of porjects. Implementation of investments in "green"
energy is one of its e main priorities in Armenia. In 2012, it
signed agreements on 15 projects with a total budget of 94 million
euros.