right to work

Privatized Rivers of Armenia

by Sofia

Argitchi SHPP

Argitchi SHPP sponsored by KFW, GAF© Ecolur

There are around 173 small hydropower plants (SHPP) in Armenia, of which around 114 are on natural streams. The license for these SHPPs is given for about 15 years. The electricity producers sell the electricity to “Electric Networks of Armenia” CJSC for around 11-25AMD (2-5 US cents kilowatt/hours). They do not however pay minimal taxes for water usage which used to go to the community budget before. Moreover, the documents that regulate SHPP sector are 50-60 years old and there has been no updated assessment of water resources in Armenia. (more…)

Advertisements

Green Democracy – Mission Impossible when Local Impunity has Global Backing

by Sofia

1372840701,66

Amulsar © Geoteam

Lydian International Limited company is a mineral exploration and development corporation registered in an offshore zone namely in Jersey, Channel Islands. The Company is listed on the Toronto Stock Exchange and it owns a mining and a number of exploration assets in Armenia. Amulsar gold deposit is its key asset. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) have bought major stakes in Lydian but there are other shareholders too, among these the U.S., Canadian and European investment funds. IFC is a 7.9 percent shareholder and has invested over 13 million USD in multiple stages since 2007. The EBRD in its turn planned to invest up to 8 million USD to purchase shares of the company as part of its capital increase. As its existing shareholder EBRD has monitored project advancements together with an independent environmental and social consultant. (more…)