International Water Power and Dam Construction, UK
Aug 24 2005

EBRD funding for Armenian project
24 August 2005

The European Bank for Reconstruction and Development (EBRD) is
lending US$1.3M to set up a small hydro plant on the Yeghegis river
in Armenia.

Bazenc CJSC will use the loan to install a second turbine at the
Yeghegis plant which, while only working for three summer months,
will increase the company’s total electricity production by 23%. The
electricity will be sold to the Armenian government, under guarantees
lasting until 2016, at prices negotiated once a year.

Energy supply has been a critical issue for Armenia since
independence in 1991. The EBRD is also supporting Bazenc in acquiring
a Clean Development Mechanism (CDM) status for its mini-hydro
projects under the Kyoto Protocol on reducing greenhouse gas
emissions and limiting global warming.

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