Published: May 16, 2013
Hydropower company receives US$25mn to fund plant modernisation in Armenia.
A subsidiary of Russian hydropower company RusHydro has secured a US$25mn loan from the Asian Development Bank to modernise plants in Armenia.
The loan has been given to International Energy Corp and will be used to back work on the Sevan-Hrazdan hydropower plants in Armenia, built between 1930s and 1960s.
In a stock exchange statement announcing the deal, RusHydro board member Konstantin Bessmertniy said: “We expect that this first long-term funding from Asian Development Bank for rehabilitation of RusHydro’s hydropower assets in Armenia would kick-off a good start of effective relations between the RusHydro Group and the bank.”