The Asian Development Bank (ADB) signed a $25 million loan that will help International Energy Corp. (IEC) to repair Armenia’s Sevan-Hrazdan Cascade Hydropower System.

To note, IEC is majority owned by RusHydro, the Russian Federation’s largest hydropower generation company, which owns the aforesaid cascade.

The article titled “Armenia’s Aging Hydropower Plants Get New Life with ADB Private Sector Loan,” which is posted on ADB’s official website, notes that the Sevan-Hrazdan Cascade Hydropower System, which was built between the 1930s and 1960s, now requires significant rehabilitation to extend its working life and reduce the risk of major failures

It is noted that ADB’s participation will also help build confidence for private sector participation in Armenia’s renewable energy development.

In January, it was informed that RusHydro had become the guarantor of the $25 million loan by the European Bank for Reconstruction and Development (EBRD), which likewise will be engaged in the modernization of the Sevan-Hrazdan Cascade Hydropower System.