RusHydro has signed a loan guarantee agreement with the European Bank for Reconstruction and Development (EBRD) to finance the modernization of the Sevan-Hrazdan cascade of hydropower plants in Armenia, the Stock Market Wire reports.
The work is being carried out by RusHydro subsidiary JSC International Energy Corporation which owns the facilities.
The loan in the amount of $25m maturing in 2029 will be used for the modernization of seven hydropower plants of Sevan-Hrazdan Cascade with a total installed capacity of 561 MW, which represents ca. 10% of the total electric capacity in Armenia.
