Armenia'sPublic Service Regulatory Commission approves $50mln investment program of Rushydro's Armenian subsidiary
Yerevan, February 12. ArmInfo. Artur Yernjakyan. Armenia'sPublic Service Regulatory Commission has approved a 21.5bln AMD ($52.3mln) 2014-2018 investment program of Rushydro's Armenian subsidiary, International Energy Corporation CJSC (IEC).
While presenting the program, IEC Deputy Financial and Economic Manager Karen Margaryan said that the money will be spent on the project to modernize Sevan Hrazdan Cascade Hydropower System. The average age of the cascade's plants is 50 years, so, the system needs serious modernization. Sevan Hydro Power Plant will receive 1.7bln AMD, Hrazdan HPP 778mln AMD, Argel HPP 1.3bln AMD, Arzni HPP 658mln AMD, Kanaker HPP 283mln AMD, Yerevan-1 HP 16.3bln AMD, Yerevan-3 HPP 13mln AMD.
IEC CEO Arsen Grigoryan told ArmInfo on Wednesday that in order to implement the program his company will borrow $25mln from Asian Development Bank and as much from European Bank for Reconstruction an Development. "Until now we have worked at a loss but this year we hope to get a profit. In order to overhaul the cascade, we need $15bln. The plants will not be idle during the repairs. We will suspend only the oldest Yerevan-1 HPP, where we are going to replace all systems," Grigoryan said.
The full capacity of Sevan Hrazdan Cascade is 561MW, the production and technological potential is 500mln KWh or almost 10% of what Armenia consumes a year. In 2013 the cascade produced 2.5% more than in 2012 647.896mln KWh.