RusHydro intends to get rid of its asset in Armenia

ArmInfo. RusHydro Company intends to get rid of its asset in Armenia, ABN reports, citing the company's General Director Nikolay Shulginov.

According to the General Director currently RusHydro plans to sell three energy service companies but does not expect to get significant sums from the deals.

To note, Inter RAO UES and RusHydro have closed the purchase-and-sale of a 90pct stake in International Energy Corporation CJSC (IEC) on March 24, 2011. The capital asset of the company is Sevan-Hrazdan Cascade of HPPs in Armenia. Hydroinvest, the subsidiary of RusHydro, acquired the shares from Inter RAO HOLDING B.V. (part of Inter RAO UES). The property complex of the International Energy Corporation comprises seven hydro power plants on the River of Hrazdan.  The summary designed capacity of the cascades is 561 megawatt. The annual generation is nearly 501 kWh or 9% of total generation in the country.

To recall, the purchase of cascade of HPPs in Armenia corresponded to the RusHydro's  strategy of acquiring and development of hydro generating assets abroad and was the pilot project of this kind. The program of getting rid from incidental assets was approved in 2014.  Nikolay Shulginov became the General Director of the company in September 2015.