INTER RAO SUBSIDIARY TO INVEST $27.6 MLN IN ARMENIA BY 2012

Interfax
March 25 2009
Russia

The Public Services Regulatory Commission of Armenia (PSRC) approved
on Wednesday the 2009-2011 investment program of CJSC International
Energy Corporation, a subsidiary of OJSC Inter RAO UES, which comes to
10.2 billion dram ($27.6 million at the current exchange rate), Karen
Margaryan, the head of the corporation’s department for electricity
sales and agreement development, told Interfax.

He said that the bulk of the program’s financing would come from
foreign loans.

The corporation is already in negotiations for a loan with Slovakia’s
CSOB Bank and Ardshininvestbank of Armenia. The loan from the Armenian
bank can reach up 10% with a guarantee provided by CSOB Bank.

The bulk of the investment program, 8.376 billion dram, will be
invested in the modernization of Yerevan Hydroelectric Power Plant
(HPP).