Inter RAO UES (United Energy System) and RusHydro have concluded a deal on purchase and sales of 90% of the shares of the International Energy Corporation. The main asset of the corporation is a dam cascade in Armenia, Inter RAO UES said, ITAR-TASS reports.
The package of shares was purchased by Hydroinvest, a subsidiary of RusHydro, from Inter RAO Holding B.V., part of the Inter RAO UES Group.
Inter RAO UES confirmed its strategy in December 2010. The strategy determines the need for reconsideration of the portfolio of foreign assets, optimization of investments and focusing on managing assets. Some assets may have a knock on effect in various spheres of the group’s business.
Inter RAO UES Group has fulfilled development of the International Energy Corporation. The company concluded rehabilitation work at stations, water passes and irrigation facilities. Inter RAO UES concluded restoration of the water inlets in November 2010.
The Sevano-Razdansky cascade consists of 7 derivative hydro electric plants on Razdan River in Armenia. The plants have 21 hydro units producing a total of 561 MW. The cascade produces an average of 501 million KW per hour annually, which was some 9% of the total energy produced in the republic in 2009.
