Argel HPP.  Photo credit: Photolur

RusHydro has agreed to sell 90% of the International Energy Corporation (IEC), which owns the Sevan-Hrazdan cascade of hydroelectric power plants, to the structures of the Tashir Group. The buyer will be the Hrazdan Energy Company (RazTES) which owns the largest thermal power plant in Armenia with an installed capacity of 1.11 GW.

The Sevan-Hrazdan cascade (561 MW, built in 1930-1965) includes seven derivational hydroelectric power stations. Their generation comprised about 5.68% of the total electricity generation in Armenia last year. The average power utilization efficiency of the cascade is extremely low—about 10% due to the low level of water in the rivers.

After the completion of this transaction, the Russian companies will own only one asset in the energy sector of Armenia—the 5^th block of the Hrazdan TPP, which, together with the country's gas transmission network, is owned by Gazprom Armenia.  Aside from this, Rosatom is engaged in the modernization of the Armenian NPP, which is mainly carried out at the expense of the state loan provided by the Russian Federation.