RusHydro sells its stake in International Energy Company to Tashir group of companies
11.03.2020,
13:09
Russian RusHydro hydroelectricity company said today it has completed the sale of its stake in the International Energy Company (IEC) CJSC, Armenia, to the Hrazdan Energy Company, which is a member of Tashir Group of Companies.
YEREVAN, March 11. /ARKA/. Russian RusHydro hydroelectricity company said today it has completed the sale of its stake in the International Energy Company (IEC) CJSC, Armenia, to the Hrazdan Energy Company, which is a member of Tashir Group of Companies.
According to a statement on the RusHydro website, under the terms of the agreement concluded in December 2019 on the sale of 90% of its shares in IEC SJSC, which controls the Sevan-Hrazdan cascade of hydroelectric power stations in Armenia, the buyer completely refinanced the loan obligations of IEC secured by a guarantee of RusHydro before the European Bank for Reconstruction and Development and the Asian Development Bank. After that, 90% of the shares of IEC were transferred to the ownership of the buyer.
As a result of the transaction, the level of financial debt of RusHydro Group decreased by 4 billion rubles, and currency risks on the loan portfolio are completely excluded. After the sale of this asset RusHydro ceased to own generating assets outside the Russian Federation.
On December 5, 2019, the Tashir Group of Companies signed an agreement to purchase a stake in International Energy Company (owns the Sevan-Hrazdan cascade of hydroelectric power stations) from a subsidiary of PJSC RusHydro JSC Hydroinvest. Tashir acquired 527,085 shares with a total value of 172.96 million rubles.
IEC CJSC is one of the largest electricity producers in the Republic of Armenia with installed capacity of 561.4 MW, or approximately 14% of the total installed capacity of power plants of the country. It owns seven hydroelectric power stations that generate 8-10% of the country's electricity. Sevan-Hrazdan cascade of hydropower plants uses the natural flow of the Hrazdan River and irrigation water releases from Lake Sevan.
Tashir Group of Companies, owned by a prominent Russian businessman of Armenian origin Samvel Karapetyan is the largest diversified industrial-construction group in Russia, consisting of more than 200 companies.
RusHydro is the largest Russian energy company in terms of installed capacity, uniting more than 400 generation facilities in the Russian Federation. RusHydro is the first company in the country and the fourth in the world in the hydropower industry, a leader in the production of energy based on renewable sources in Russia. The installed capacity of power plants that are part of RusHydro, including the Boguchanskaya HPP, is 39.8 GW. –0--
According to a statement on the RusHydro website, under the terms of the agreement concluded in December 2019 on the sale of 90% of its shares in IEC SJSC, which controls the Sevan-Hrazdan cascade of hydroelectric power stations in Armenia, the buyer completely refinanced the loan obligations of IEC secured by a guarantee of RusHydro before the European Bank for Reconstruction and Development and the Asian Development Bank. After that, 90% of the shares of IEC were transferred to the ownership of the buyer.
As a result of the transaction, the level of financial debt of RusHydro Group decreased by 4 billion rubles, and currency risks on the loan portfolio are completely excluded. After the sale of this asset RusHydro ceased to own generating assets outside the Russian Federation.
On December 5, 2019, the Tashir Group of Companies signed an agreement to purchase a stake in International Energy Company (owns the Sevan-Hrazdan cascade of hydroelectric power stations) from a subsidiary of PJSC RusHydro JSC Hydroinvest. Tashir acquired 527,085 shares with a total value of 172.96 million rubles.
IEC CJSC is one of the largest electricity producers in the Republic of Armenia with installed capacity of 561.4 MW, or approximately 14% of the total installed capacity of power plants of the country. It owns seven hydroelectric power stations that generate 8-10% of the country's electricity. Sevan-Hrazdan cascade of hydropower plants uses the natural flow of the Hrazdan River and irrigation water releases from Lake Sevan.
Tashir Group of Companies, owned by a prominent Russian businessman of Armenian origin Samvel Karapetyan is the largest diversified industrial-construction group in Russia, consisting of more than 200 companies.
RusHydro is the largest Russian energy company in terms of installed capacity, uniting more than 400 generation facilities in the Russian Federation. RusHydro is the first company in the country and the fourth in the world in the hydropower industry, a leader in the production of energy based on renewable sources in Russia. The installed capacity of power plants that are part of RusHydro, including the Boguchanskaya HPP, is 39.8 GW. –0--
