EDB preparing to sign $51 million loan agreement with IEC for upgrading Sevan-Hrazdan cascade of HPPs

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Economy

14.12.2023, 14:24

The Eurasian Development Bank (EDB) is preparing to sign a $51 million loan agreement with the International Energy Corporation for the modernization of the Sevan-Hrazdan chain of hydro-power plants in Armenia, EDB Senior Managing Director Denis Ilyin told a press conference in Almaty, Kazakhstan.

EDB preparing to sign $51 million loan agreement with IEC for upgrading Sevan-Hrazdan cascade of HPPs

YEREVAN, December 14. /ARKA/. The Eurasian Development Bank (EDB) is preparing to sign a $51 million loan agreement with the International Energy Corporation for the modernization of the Sevan-Hrazdan chain of hydro-power plants in Armenia, EDB Senior Managing Director Denis Ilyin told a press conference in Almaty, Kazakhstan.

He said the agreement is expected to be signed before the end of this year. According to him, after the signing of that agreement the total amount of EDB's investments in Armenian projects in 2023 will amount to $85mln.

Ilyin recalled that earlier this year the bank approved a $27 million loan for the construction of new Hrazdan TPP. It also approved a new financing for Yeremyan Farm agro-industrial complex after its expansion that required additional funds in the amount of $7mln.

Ilyin pointed out that the total investments of EDB in Armenia in 23 projects currently amount to $500 mln.

The International Energy Corporation CJSC manages assets of Sevan-Hrazdan HPP cascade with total installed capacity of 561.4 MW (it consists of 7 HPPs and 17 canals irrigating Ararat valley).

The company, registered in May 2003, was acquired by Hrazdan Energy Company (HrazTES), a member of Tashir Group of Companies, in 2020. -0-

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