RusHydro secures $25m from Asian development bank
May 15 2013 - 4:49AM
OTC Markets
RusHydro
secures USD 25 mn loan from Asian development bank for
modernization of Armenia’s Sevan-Hrazdan hydropower
plants
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR;
OTCQX: RSHYY) announces that it has provided the guarantee under a
$25 million loan signed today by Asian Development Bank (ADB) and
International Energy Corp. (IEC), subsidiary of RusHydro, earmarked
for rehabilitation of the Sevan-Hrazdan cascade of hydropower
plants in Armenia, built between 1930s and 1960s.
The cascade now requires refurbishment to extend its
working life and reduce the risk of major failures. Aside from the
rehabilitation of the hydropower plants, IEC also plans to
modernize the plants’ diversion channels.
“The rehabilitation of the Sevan-Hrazdan cascade of
hydropower plants will improve Armenia’s energy security by
supplying clean and affordable electricity generated with local
water resource. It will help transform IEC with modern equipment
and best practice of hydropower plants operation,” said Michael
Barrow, Director in ADB's Private Sector Operations
Department.
“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 RusHydro Group and the bank,” concluded
Konstantin Bessmertniy, Member of the Board, RusHydro.
The Sevan-Hrazdan cascade hydropower system is one of
the most important hydropower generation assets in Armenia. The
system consists of seven diversion hydropower stations, canals, and
reservoirs located on river Hrazdan between Lake Sevan and the city
of Yerevan. It currently supplies about 10% of the country’s
electricity, and plays a significant role in supporting the balance
of the electric grid and providing affordable
energy.
About
RusHydro:
RusHydro Group is one of Russia’s largest generating
companies. RusHydro is the leading producer of renewable energy in
Russia with over 70 generating facilities in Russia and abroad. The
company also manages a number of R&D, engineering and
electricity retail companies. Group’s thermal assets are operated
by subsidiary – RAO Energy System of East in the Far East of
Russia. Total electricity generation capacity of the Group is 36.5
GW, heat capacity – 16.2 thousand GCal/h.
Russian Federation owns 65.9% in RusHydro, the rest is
held by other institutional and individual shareholders (over
360,000). The company’s stock is traded on the MICEX and RTS stock
exchanges, and included in MSCI EM и MSCI Russia indexes. Company’s
GDRs in the IOB section of LSE, ADRs – in OTCQX.
About Asian
development bank
Asian development bank (ADB), based in Manila, and is
dedicated to reducing poverty in Asia and the Pacific through
inclusive economic growth, environmentally sustainable growth and
regional integration. Established in 1966, it is owned by 67
members – 48 from the region.
For more
information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495)
225-3232
ext. 1319, 1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One can
identify forward-looking statements by terms such as "expect,"
"believe," "anticipate," "estimate," "intend," "will," "could,"
"may" or "might," the negative of such terms or other similar
expressions. We wish to caution you that these statements are only
predictions and that actual events or results may differ materially
from these statements.
We do not intend to update these statements to reflect
events and circumstances occurring after the date hereof or to
reflect the occurrence of unanticipated events. Many factors could
cause the actual results to differ materially from those contained
in our projections or forward-looking statements, including, among
others, general economic conditions, our competitive environment,
risks associated with operating in Russia and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
RusHydro PJSC (PK) (USOTC:RSHYY)
Historical Stock Chart
From Jun 2024 to Jul 2024
RusHydro PJSC (PK) (USOTC:RSHYY)
Historical Stock Chart
From Jul 2023 to Jul 2024