Russia’s largest hydropower producer RusHydro plans to buy hydro plants in Armenia currently owned by International Energy Corporation, a subsidiary of Russian state-controlled power trader Inter RAO UES, and invest about 40 million euros in their reconstruction.

“We have agreed with our colleagues from Inter RAO that they specialise more in heat power plants. I hope we will complete the deal on the asset purchase in the nearest future,” RusHydro chairman Yevgeny Dod said.

“The programme of comprehensive reconstruction was agreed with the government of Armenia three years ago. “The parties have currently achieved an agreement in principle , but the date of signing has not yet been confirmed. The price parameters of the deal have been agreed and no exshange deals are envisaged.