Sevan-Hrazdan Cascade of HEPS

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The Armenian government transferred the country's Sevan-Hrazdan cascade of hydro power stations to a subsidiary of Unified Energy System (UES), the majority state-owned Russian power utility for US$25 million in return for Armenia’s state debt to Russia. Sevan-Hrazdan cascade consists of six power stations with a combined capacity of 560 MW and average annual output of 1.16 billion kWh electricity. The transfer of the assets were counted as partial payment of US$40 million of Armenia’s atomic power plant’s debt for the nuclear fuel supplied. The remaining US$15 million was expected to be paid over the next two years from receipts from domestic electricity sales. UES also took over Armenian state obligations attached to a 40-year (including 10 year grace period) US$20 million loan from KfW of Germany to upgrade two 25MW units at the plant. In 2013, the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank provided USD 25 million each to International Energy Corporation (IEC) to finance the rehabilitation of the Sevan-Hrazdan hydropower system. For other power plants transferred to Russian UES see also: Metsamor Nuclear Power Plant (management transferred in 2003) Hrazdan thermal power plant (potential 2004) capacity from http://interrao.ru/en/activity/generation/