ADB makes loan for Sevan-Hrazdan cascade modernization project

JSC RusHydro has secured a US$25 million loan from the Asian Development Bank (ADB) that will be used for the modernization of hydropower projects in Armenia’s Sevan-Hrazdan Cascade.

The Sevan-Hrazdan hydroelectric plants — constructed between the 1930s and 1960s — are operated by JSC RusHydro (LSE: HYDR) subsidiary International Energy Corporation (IEC), which said the work is necessary to extend the projects’ life and reduce the risk of major failures.

“The rehabilitation of the Sevan-Hrazdan cascade of hydropower plants will improve Armenia’s energy security by supplying clean and affordable electricity generated with local water resources,” said Michael Barrow, Director of ADB’s Private Sector Operations Department. “It will help transform IEC with modern equipment and best practices in hydropower plant operation.”

The Sevan-Hrazdan project includes seven hydroelectric stations, canals and reservoirs located along Armenia’s Hrazdan River. The projects have a combined capacity of 565 MW, or about 10% of the country’s overall capacity, while their water channels supply water to irrigate about 70% of the country’s agricultural land.

HydroWorld.com reported in February that the European Bank for Reconstruction Development (EBRD) had also made a $25 million contribution to the project.

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