RusHydro still looking for a buyer of its Armenian asset
YEREVAN, September 6. /ARKA/. RusHydro, one of Russia's largest power generating companies is still looking for a buyer of the Sevan-Hrazdan cascade of hydroelectric power stations in Armenia, which the company decided to sell as a non-core asset, Russian news agency TASS reported.
RusHydro CEO Nikolai Shulginov told reporters on the sidelines of an economic forum that the company has not received favorable commercial proposals from potential buyers. He said despite this the company is not going to drop the intention.
In his words, currently the company is negotiating the sale of the cascade with a second potential buyer. He added that "local companies, not connected with Armenia are interested in the asset.’
Earlier RusHydro said it decided to sell the Sevan-Hrazdan cascade of HPPs because of the lack of a strategy for the development of its international projects.
The Sevan-Hrazdan cascade includes seven hydropower stations located on the Hrazdan River in Armenia with a total installed capacity of 561 MW. The average annual output of the cascade stations is 501 million kWh, which is about 10% of the total power generation in the country. RusHydro acquired this asset in March 2011 from Inter RAO Holding B.V. -0-