OJSC "RusHydro" has given banker's guarantee on the credit agreement made between Asian Development Bank (ADB) and CJSC "International Energy Corporation" (IEC) within "RusHydro", at $25 mln to finance the upgrading of the Sevan-Razdan Cascade power plant in Armenia, IEC reported.
Director General of CJSC "IEC", Arsen Grigoryan, thanked the leadership of "RusHydro", Asian Development Bank, Public Services Regulatory Commission and the Armenian government for preparing and organizing of the investment programme and expressed hope for further fruitful work on upgrading of the Sevan-Razdan Cascade, which will make it possible to generate no-break power supply for the needs of the republic.
We hope that the first bargain with ADB will be the beginning of further effective relations between the bank and the group of our companies, Konstantin Bessmertnyi, a member of "RusHydro" board, said.
The upgrading of the Sevan-Razdan Cascade will rise safety of the power branch of the republic, will ensure generation of pure and affordable energy generated by
local water resources. It will also assist transformation of CJSC "IEC" into the company which uses the most modern equipment and the best world practice, Michael Barrow, Director, Private Sector Infrastructure Finance Division 1 at Asian Development Bank said.