Russia plans to invest U.S. $40 million in the Armenian energy sector, reported Boris Kovalchuk, President of the INTER RAO UES JSC.

He said that half of the funds will be spent on modernizing the Sevan-Hrazdan hydro-power system. The plants forming the system were put into operation from 1930 to 1962.

Two power units of the Yerevan HPP will be renovated as well. The Yerevan HPP generates up to 600 million kwh of energy.

Armenia’s hydro-power plants are managed by the International Energy Corporation, with INTER RAO UES JSC being one of the founders.