The European Bank for Reconstruction and Development (EBRD) is supporting investment in the generation of renewable energy in Armenia with a US$25m loan to International Energy Corporation (IEC) to finance the rehabilitation of the seven hydropower plants of the Sevan-Hrazdan Cascade.
Located along the Hrazdan river and running about 70 km from Lake Sevan to the capital Yerevan, the Sevan-Hrazdan Cascade is an essential component in Armenia’s electricity network. With a total installed capacity of 565 MW, it provides 10% of the country’s annual electricity production and its water channels supply enough water to irrigate 70% of Armenia’s agricultural land.
The EBRD facility will provide essential support to the overall rehabilitation programme of the cascade which was built between 1936 and 1961 and has had almost no further investment since. The rehabilitation of the hydropower plants will raise the technical standards in line with best international practices and restore the lost capacity while avoiding further deterioration.
IEC, established in 2003, is majority owned by RusHydro, one of the largest hydropower companies in the world, and the owner of more than 35 GW of generating capacity in Russia.
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