Tashir Group has closed a deal to buy a 90% stake in International Energy Corporation, which operates the Sevan-Hrazdan Cascade, from RusHydro.
As envisaged under the share sale agreement signed in December 2019, Tashir fully canceled RusHydro’s guarantees on IEC liabilities to the European Bank for Reconstruction and Development and the Asian Development Bank, after which the shares were transferred to the buyer.
The deal has been sanctioned by Armenia’s Public Services Regulatory Commission. The purchase of IEC has strengthened Tashir’s position in Armenia’s power generation market.
As has been reported earlier, the agreement sets the selling price of 527,085 ordinary registered uncertified IEC shares at 172.96 million rubles.
NEWS
Tashir adds Armenia’s largest energy producer to its portfolio |
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11.03.2020
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INFORMATION
About IEC
International Energy Corporation (IEC) is one of the largest power generation companies in Armenia. It operates seven hydropower plants with combined installed capacity of 561.4 MW, or 14% of the country’s total installed capacity. The cascade accounts for 8-10% of Armenia’s power supply. Power generation by the cascade relies on natural inflow of the Hrazdan River and irrigation discharges from Sevan Lake.
About RusHydro
RusHydro is one of Russia’s largest energy companies with over 400 generating facilities. It is Russia’s largest and the world’s fourth-largest hydropower producer and the leader of the Russian renewable energy market. The combined installed capacity of RusHydro power plants, including the Boguchanskaya HPP, is 39.4 GW.
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