ASIAN DEVELOPMENT BANK TO DELIVER $25 MLN FOR UPGRADING OF SEVAN-RAZDAN CASCADE POWER PLANT
ARMINFO
Friday, May 17, 00:04
OJSC “RusHydro” has given banker’s guarantee on the credit agreement
made between Asian Development Bank (ADB) and CJSC “International
Energy Corporation” (IEC) within “RusHydro”, at $25 mln to finance
the upgrading of the Sevan-Razdan Cascade power plant in Armenia,
IEC reported.
Director General of CJSC “IEC”, Arsen Grigoryan, thanked the leadership
of “RusHydro”, Asian Development Bank, Public Services Regulatory
Commission and the Armenian government for preparing and organizing of
the investment programme and expressed hope for further fruitful work
on upgrading of the Sevan-Razdan Cascade, which will make it possible
to generate no-break power supply for the needs of the republic.
We hope that the first bargain with ADB will be the beginning of
further effective relations between the bank and the group of our
companies, Konstantin Bessmertnyi, a member of “RusHydro” board, said.
The upgrading of the Sevan-Razdan Cascade will rise safety of the
power branch of the republic, will ensure generation of pure and
affordable energy generated by local water resources. It will also
assist transformation of CJSC “IEC” into the company which uses the
most modern equipment and the best world practice, Michael Barrow,
Director, Private Sector Infrastructure Finance Division 1 at Asian
Development Bank said.
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.
Direct link to this article: https://www.armenianclub.com/2013/05/18/asian-development-bank-to-deliver-25-mln-for-upgrading-of-sevan-raz/
