CASCADE CAPITAL HOLDING LENDS $15 MILLION TO ARMENIA FOR RENEWABLE ENERGY DEVELOPMENT
ARKA
May 14, 2008
YEREVAN, May 14. /ARKA/. Cascade Capital Holdings has lent $15 million
to Armenia over last two years for renewable energy development.
Jonathan Stark, the general executive director of the holdings, told
journalists on Wednesday that the money targeted mainly small hydro
power plants. He said, some 15 credits have been provided over last
two years and the same number is being considered now.
Robert Dira, the executive director of Cascade Credit Universal Credit
Organization, said that three or four organizations will receive the
money for constructing small hydro power plants.
He said the terms of redemption range from one to seven years with
24-month grace period and annual interest rate from eight to 12%.
Dira said that investments in the small hydro power plant averaged
$750, 000 to $1.3million for 1 megawatt.
He said that the amount depends on conditions of the construction
of the power plant in the certain areas and on the scale of the
construction.
He also said that the share of the investors is 15 to 20% of total
amount, and the remaining money will come from the World Bank and
Gafeschian Fund.
Armenia has 61 small 75-megawatt hydro power plants.
Their annual output is 224 million kilowatt/hour. Other 60 small
hydro power plants of 145 megawatt generating 517 million are being
constructed now mainly in provinces of Lori and Syunik.
Cascade Capital Holdings CJSC was established in 2004 by Gefeschian
Family Fund. Cascade Bank, Cascade Investments, Cascade Credit
Universal Credit Organization, Cascade Insurance CJSC, Cascade
Consultants CJSC are included in Cascade Capital Holdings. -0-