HSBC LOANS ELECTRICITY NETWORK OF ARMENIA $5 MLN TO FINANCE INVESTMENT PROGRAM
Interfax
Dec 17 2008
Russia
Electricity Network of Armenia and the Armenian subsidiary of HSBC have
signed an agreement under which the company will receive a six-year
loan totaling $5 million to finance its existing investment program,
Russian electricity importer/exporter Inter RAO UES said in a statement
on its website.
In addition, a part of the funds will be spent on refinancing
short-term loans the company took to cover investment expenses in
2006- 2007.
Electricity Network of Armenia has a monopoly on the sale of
electricity to consumers throughout Armenia. The company was privatized
in 2002. Inter RAO bought out the company in 2005 for $70 million.
The company had sales of $237 million in 2007 and investment of $35
million. The company predicts sales will grow to $275 million in 2008
and investment to $38 million.