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EBRD LOANS TO FINANCE ARMENIAN REHABILITATION PROJECTS
http://www.hydroworld.com/articles/2013/february/ebrd-loans-to-finance-armenian-rehabilitation-projects.html
02/07/2013
YEREVAN, Armenia
The European Bank for Reconstruction Development (EBRD) has announced a
US$25 million loan that will help fund International Energy Corporation
(IEC) rehabilitations of seven hydropower projects in Armenia's
Sevan-Hrazdan Cascade.
The seven hydroelectric stations are located along the Hrazdan River
and have a total combined capacity of 565 MW, or about 10% of Armenia's
annual production. EBRD said the projects' water channels also supply
enough water to irrigate about 70% of the country's agricultural land.
The plants were constructed between 1936 and 1961 and have received
little investment since, EBRD said. IEC's rehabilitations will raise
the facilities to modern technical standards and restore their lost
capacity.
"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," said RusHydro management board member Konstantin Bessmertny.
IEC is majority owned by RusHydro.
"We are very happy to be working with IEC on this important project
while also building on our long relationship with RusHydro,"
said Nandita Parsha, EBRD Director of Power and Energy. "[The
rehabilitation] 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."
EBRD said the development of green energy is one of its highest
priorities for Armenia, having invested more than $825 million in
the country's renewables sector to date.
HydroWorld.com reported earlier this week that Armenian officials had
signed an agreement with Iran that will allow for the construction
of the 130-MW Meghri and 130-MW Karachilare hydropower projects.
http://www.hydroworld.com/articles/2013/february/ebrd-loans-to-finance-armenian-rehabilitation-projects.html
02/07/2013
YEREVAN, Armenia
The European Bank for Reconstruction Development (EBRD) has announced a
US$25 million loan that will help fund International Energy Corporation
(IEC) rehabilitations of seven hydropower projects in Armenia's
Sevan-Hrazdan Cascade.
The seven hydroelectric stations are located along the Hrazdan River
and have a total combined capacity of 565 MW, or about 10% of Armenia's
annual production. EBRD said the projects' water channels also supply
enough water to irrigate about 70% of the country's agricultural land.
The plants were constructed between 1936 and 1961 and have received
little investment since, EBRD said. IEC's rehabilitations will raise
the facilities to modern technical standards and restore their lost
capacity.
"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," said RusHydro management board member Konstantin Bessmertny.
IEC is majority owned by RusHydro.
"We are very happy to be working with IEC on this important project
while also building on our long relationship with RusHydro,"
said Nandita Parsha, EBRD Director of Power and Energy. "[The
rehabilitation] 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."
EBRD said the development of green energy is one of its highest
priorities for Armenia, having invested more than $825 million in
the country's renewables sector to date.
HydroWorld.com reported earlier this week that Armenian officials had
signed an agreement with Iran that will allow for the construction
of the 130-MW Meghri and 130-MW Karachilare hydropower projects.