ITAR-TASS, Russia
Wednesday 12:24 PM GMT
RusHydro plans to decide on sales of hydropower plants cascade in Armenia in 3-4 months – First Deputy CEO
MOSCOW February 27
The management of the Russian power generating company RusHydro will finally decide on the opportunity of selling the Sevan-Razdan cascade of hydropower plants in Armenia in three-four months, First Deputy CEO of RusHydro George Rizhinashvili told reporters on Wednesday.
MOSCOW, February 27. /TASS/. The management of the Russian power generating company RusHydro will finally decide on the opportunity of selling the Sevan-Razdan cascade of hydropower plants in Armenia in three-four months, First Deputy CEO of RusHydro George Rizhinashvili told reporters on Wednesday.
"We will decide in three-four coming months on the opportunity of having found a certain investor, a priority one and the one indeed desirous to purchase, or with the understanding that this is not possible," the top manager said.
Talks with investors are underway and due diligence is implemented, Rizhinashvili noted. "I regret saying that the macroeconomic situation in Armenia, being not highly stable, discourage investors from standing in a queue to buy the asset. Therefore, we have to find ourselves and justify the possibility of achieving certain positive results in future," he said.
RusHydro announced plans to sell the Sevan-Razdan cascade of hydropower plants in April 2017. It was reported earlier that the deal was planned to be closed in 2018 but the company did not yet decide on a potential buyer.
The Sevan-Razdan cascade consists of seven derivation hydropower plants on the Razdan River in Armenia. The plants comprise 21 hydropower units with the total installed capacity of 561 MW. The average annual output of cascade plants is 501 mln kWh.