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EBRD TO GIVE USD 25 MILLION LOAN FOR THE RECONSTRUCTION OF 7 HPP OF SEVAN-HRAZDAN CASCADE
17:54, 8 February, 2013
YEREVAN, FEBRUARY 8, ARMENPRESS: European Bank for Reconstruction
and Development (EBRD) has announced about its willing to provide
International Electrotechnical Commission with the loan of USD 25
million for the reconstruction of 7 HPP of Armenian Sevan-Hrazdan
cascade. Armenpress reports this was noted in the official web site
of the bank.
The EBRD facility will provide essential support to the overall
rehabilitation program 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. 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."
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 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.
17:54, 8 February, 2013
YEREVAN, FEBRUARY 8, ARMENPRESS: European Bank for Reconstruction
and Development (EBRD) has announced about its willing to provide
International Electrotechnical Commission with the loan of USD 25
million for the reconstruction of 7 HPP of Armenian Sevan-Hrazdan
cascade. Armenpress reports this was noted in the official web site
of the bank.
The EBRD facility will provide essential support to the overall
rehabilitation program 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. 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."
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 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.