SEVAN-HRAZDAN ENERGY CASCADE REAL ESTATE TRANSFERRED TO RUSSIAN COMPANY

The property complex of “Sevan-Hrazdan Cascade” CJSC, valued $45 million, will be transferred to the ownership of “United Energy Systems of Russia” company in compliance with the contract. As director general of the cascade M. Hakobian told “Arminfo” agency, the transfer will be completed by this September. Besides, large credit obligations of the Armenian government to KFW German bank have been assumed by the Russian company. It should be noted that the credit was given by the bank to modernize the Kanaker hydroelectric power plant making part of the Sevan-Hrazdan cascade. M. Hakobian reported that the cascade real estate was being transferred to pay off the debt for atomic fuel consumed by the Armenian Nuclear Power Plant. Today the cascade daily generates 1.3 million kW/h energy.