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Ebrd Finances Hydropower Plants In Armenia

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  • Ebrd Finances Hydropower Plants In Armenia

    EBRD FINANCES HYDROPOWER PLANTS IN ARMENIA

    http://finchannel.com/Main_News/Banks/123124_EBRD_finances_hydropower_plants_in_Armenia_/
    01/02/2013 04:12 (00:10 minutes ago)

    The FINANCIAL -- The European Bank for Reconstruction and Development
    (EBRD) is supporting investment in the generation of renewable energy
    in Armenia with a US$ 25 million loan to International Energy
    Corporation (IEC) to finance the rehabilitation of the seven
    hydropower plants of the Sevan-Hrazdan Cascade.

    Located along the Hrazdan river and running about 70km from Lake Sevan
    to the capital Yerevan, the Sevan-Hrazdan Cascade is an essential
    component in Armenia's electricity network. With a total installed
    capacity of 565 MW, it provides 10 per cent of the country's annual
    electricity production and its water channels supply enough water to
    irrigate 70 per cent of Armenia's agricultural land.

    The EBRD facility will provide essential support to the overall
    rehabilitation programme of the cascade which was built between 1936
    and 1961 and has had almost no further investment since. The
    rehabilitation of the hydropower plants HPPs will raise the technical
    standards in line with best international practices and restore the
    lost capacity while avoiding further deterioration. As the European
    Bank for Reconstruction and Development said, this will ensure the
    continued stability and security of the country's electricity supply
    while improving overall generation efficiency and carbon emissions.

    IEC, established in 2003, is majority owned by OJSC RusHydro, one of
    the largest hydropower companies in the world, and the owner of more
    than 35 GW of generating capacity in Russia.

    "We are very happy to be working with IEC on this important project
    while also building on our long relationship with RusHydro. Both
    companies bring a wealth of experience in the hydropower sector which
    we are sure will make the project a success. It will be implemented
    using the latest technologies which will not only increase the
    production of clean electricity in Armenia but will also significantly
    reduce the volume of water currently lost through dilapidated
    channels", said Nandita Parshad, Director of Power and Energy for the
    EBRD.

    Konstantin Bessmertny, a member of RusHydro's management board,
    commented: "We have a long-standing and productive relationship with
    the EBRD. I am convinced that the Bank's support will be instrumental
    in the Sevan-Hrazdan Cascade modernisation. This long-term financing
    perfectly meets IEC's needs and what is very important is that the
    project is highly cost effective and so is quite reasonable and
    bearable in terms of tariff regulation in Armenia."

    The EBRD has been active in Armenia since the country's independence
    and to date has invested over ~@613 million. Investing in green energy
    generation is one of the EBRD's key priorities in Armenia. In 2012,
    the EBRD signed 15 projects worth a total of ~@94 million in Armenia.

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