RusHydro negotiating sale of Sevan-Hrazdan Hydro Power Plant Cascade

PanARMENIAN.Net - RusHydro Company has started negotiating with potential purchasers of Sevan-Hrazdan Hydro Power Plant Cascade, Nikolay Shulginov, the head of the company, told journalists on Friday, June 2 in St. Petersburg on the sidelines of the International Economic Forum.

“One [purchaser] emerged and vanished, now another appeared,” he said. “Now we are negotiating.”

As ARKA reports citing TASS, Shulginov refrained from indicating the amount at which RusHydro estimates the assets and naming the companies it’s negotiating with.

George Riginashvili, the company’s first deputy CEO, is quoted by the news agency as saying that RusHydro considers the asset non-core and that the asset’s value is planned to be estimated in the next two or three months.

The Sevan-Hrazdan Hydro Power Plant Cascade includes seven derivative hydro power plants on Armenia’s Hrazdan River.

RusHydro has finalized the asset purchase deal in March 2011. The package of shares of the International Energy Company, whose key asset was Sevan-Hrazdan Hydro Power Plant Cascade, was purchased by RusHydro’s subsidiary – Hydroinvest from Inter RAO Holding B.V., which is a part of INTER RAO UES Group.