RusHydro and EBRD sign an agreement to finance the modernization of the Sevan-Hrazdan cascade in Armenia
January 30 2013 - 7:40AM
OTC Markets
RusHydro and EBRD sign an agreement to finance the
modernization of the Sevan-Hrazdan cascade in
Armenia
JSC RusHydro announces the signing of a loan
guarantee agreement with the European Bank for Reconstruction and
Development (EBRD) to finance the modernization of the
Sevan-Hrazdan cascade of hydropower plants in Armenia by JSC
International Energy Corporation (IEC), owner of the hydropower
facilities and a subsidiary of RusHydro. The document was signed by
the member of the Management Board of RusHydro Konstantin
Bessmertny and Head of Power and Energy Utilities at the EBRD
Nandita Parshad.
The loan in the amount of USD 25 million maturing in
2029 will be used for the modernization of seven hydropower plants
of Sevan-Hrazdan Cascade with a total installed capacity of 561 MW,
which represents ca. 10% of the total electric capacity in
Armenia.
Konstantin Bessmertny commented: “We a have
long-standing and productive relationship with EBRD. I’m convinced
that the Bank’s support will be instrumental in the Sevan-Hrazdan
Cascade modernization. This really long-term financing perfectly
meets IEC’s needs and what is very important - the project is
highly cost effective and so is quite reasonable and bearable in
terms of tariff regulation in Armenia”.
Nandita Parshad also said: “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 penstock
pipelines”.
According to the approved IEC’s investment plan the
company plans to spend USD 66 million on increasing the reliability
of power plants, reducing repair and maintenance costs, as well as
increasing the installed capacity and output. This investment plans
will be financed through both internal sources (USD 16 million) and
external debt financing (USD 50 million).
***
Notes to the Editor:
The rehabilitation and modernization programme of the
hydropower plants of the Sevan-Hrazdan Cascade in Armenia through
2017 includes:
-
reconstruction of the Yerevan hydropower plant with a
replacement of two 25 MW hydrounits;
-
replacement of two 12.5 MW hydrounits of the
Kanaker Hydropower
plant;
-
replacement of two stators of the Sevan hydropower
plant;
-
replacement of excitation systems at the Argel and
Sevan hydropower plants;
-
full replacement of 110/10 kV electro-technical
equipment;
-
cleansing of intraday regulation reservoir at the
Yerevan hydropower plant and reconstruction of intake of
debris-cleansing equipment;
-
reconstruction of diversion channels from Sevan
hydropower plant to Argel hydropower plant.
For more information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495)
225-3232
ext. 1319, 1394, 1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One can
identify forward-looking statements by terms such as "expect,"
"believe," "anticipate," "estimate," "intend," "will," "could,"
"may" or "might," the negative of such terms or other similar
expressions. We wish to caution you that these statements are only
predictions and that actual events or results may differ materially
from these statements.
We do not intend to update these statements to reflect
events and circumstances occurring after the date hereof or to
reflect the occurrence of unanticipated events. Many factors could
cause the actual results to differ materially from those contained
in our projections or forward-looking statements, including, among
others, general economic conditions, our competitive environment,
risks associated with operating in Russia and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
RusHydro PJSC (PK) (USOTC:RSHYY)
Historical Stock Chart
From Jun 2024 to Jul 2024
RusHydro PJSC (PK) (USOTC:RSHYY)
Historical Stock Chart
From Jul 2023 to Jul 2024