ADB helps repair the Sevan-Hrazdan Cascade Hydropower System in Armenia
18:15 15.05.2013
The Asian Development Bank (ADB) is helping a private sector company
in Armenia rehabilitate its hydropower plants to restore the country’s
renewable energy capacity and improve the power plants’ reliability
and safety.
ADB signed a $25 million loan today that will help International
Energy Corp. (IEC) – which is majority owned by RusHydro, the Russian
Federation’s largest hydropower generation company – to repair the
Sevan-Hrazdan Cascade Hydropower System, which was built between the
1930s and 1960s. The system now requires significant rehabilitation to
extend its working life and reduce the risk of major failures. Aside
>From the rehabilitation of the hydropower plants, IEC will also plug
the leaks in the diversion channels.
`The rehabilitation of the Sevan-Hrazdan Cascade Hydropower System
will enhance Armenia’s energy security by supplying clean and
affordable electricity generated with local water resource. It will
help transform IEC with modern equipment and practice,’ said Michael
Barrow, Director in ADB’s Private Sector Operations Department.
`We expect that this first long-term funding transaction with Asian
Development Bank for rehabilitation of RusHydro hydropower assets in
Armenia would kick-off a good start for establishing further effective
relations between RusHydro Group and the bank,’ said Konstantin
Bessmertniy, Member of the Board, RusHydro.
ADB’s participation will also help build confidence for private sector
participation in Armenia’s renewable energy development.
The Sevan-Hrazdan Cascade Hydropower System is one of the most
important hydropower generation assets in Armenia. The system consists
of seven run-of-the-river hydropower stations, canals, and reservoirs
between Lake Sevan and the City of Yerevan. It currently supplies
about 10% of the country’s electricity, and plays a significant role
in supporting the balance of the electric grid and providing
affordable energy.
IEC has an installed capacity of 36.2 GW. RusHydro, in turn, is 67.12%
owned by the Russian state, with the remaining 32.88% of its shares
publicly traded on the Moscow and London stock exchanges.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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