Representatives from KfW have met with IEC general director Mikhail Mantrov in Moscow to discuss the project. IEC is already under paying for a credit for US$22M already received from KfW to restore the fifth and sixth power producing units at the Kanaker hydroelectric project, also part of the Sevan-Razdan Cascade power plant.
The Sevan-Razdan Cascade consists of six hydro plants built between 1930 and 1962 and supply some 556MW, or about 18% of the total power capacity of Armenia, making it one of the country’s main electricity producers.
IEC was set up at the start of September 2003 by Unified Energy System of Russia to operate the Sevan-Razdan plant. The company has a license from the Armenian commission for the regulation of natural monopolies to produce electricity in the country for 15 years.
