YEREVAN, September 26 (RIA Novosti) - A subsidiary of Unified Energy System [RTS: EESR] said Tuesday it would invest $20 million in Armenia's electric power grid by the end of the year.
On Tuesday Inter RAO UES officially took possession of 100% shares in Armenian Electric Power Networks JSC servicing about 913,000 consumers in the South Caucasus republic.
Yevgeny Tod, director general of Inter RAO UES, said the investment would focus on projects designed to cut electric power losses, improve energy supplies and upgrade power units of the Armenian power grid.
RAO UES owns 60% of stock in Inter RAO UES and the Federal Agency for Nuclear Power holds 40%. The company, which has an authorized capital of 160 billion rubles ($6 billion), handles imports and exports of electric power, and runs energy assets in and outside Russia.
