The “International Power Corporation” (IPC) CJSC was registered in the Republic of Armenia on May 8, 2003. On July 17, 2003, a sale and purchase agreement was signed between the "Sevan-Hrazdan Cascade" CJSC and the "International Energy Corporation" CJSC on the basis of March 20, 2003 decision N 405Ա of the Government of the Republic of Armenia “On the Payment of Liabilities on Nuclear Fuel of the “Armenian Nuclear Power Plant” CJSC and on the basis of May 29, 2003 N660Ա decision of the Government of the Republic of Armenia “On Introducing Amendments into Decision N 405Ա”, according to which the property of the "Sevan-Hrazdan Cascade" CJSC was transferred to the "International Energy Corporation” CJSC on the ownership right.
Thus, the "International Energy Corporation" CJSC became the first generating company in Armenia belonging to the Russian "Inter RAO UES" company.
On March 24, 2011, the Russian "RusHydro" OJSC acquired the shares of the "IPC" CJSC.
In 2020, the shares of the "IPC" CJSC were fully acquired by the "Hrazdan Energy Organization (HrazTPP)" OJSC, which belongs to the Tashir Group of Companies. This deal has opened new perspectives for the company, taking into account the active involvement of the Tashir Group of Companies in the Armenian energy system, the experience of the effective management of large and strategic enterprises operating them, the human and financial potential, as well as the vision of the Tashir Group of Companies to support the Armenian energy system and the economy, in general.
The above-mentioned factors create serious preconditions for the implementation of large-scale investment programs aimed at the necessary re-equipment of the assets of the "International Energy Corporation" CJSC in order to modernize the assets of the Cascade, increase the reliability and efficiency of electricity production. While carrying out this process, the "International Energy Corporation" Closed Joint-Stock Company will be guided by the highest international standards of the provision of production quality, work safety and environmental protection.
The “IPC” CJSC manages the assets of the Sevan-Hrazdan Cascade, including 7 HPPs located along the river Hrazdan, between Lake Sevan and Yerevan city. The plants utilize the natural flow of the river Hrazdan, as well as the irrigation water released from Lake Sevan.
The Sevan-Hrazdan Irrigation-Energy Complex consists of a cascade of 7 hydro power plants, 17 canals irrigating the Ararat valley and foothills lands. The construction of the Cascade with the purpose of the usage of the energy potential of the water released from Lake Sevan for the irrigation of the Ararat Valley began in 1930 with the construction of the Kanaker HPP, the first hydro unit of which was put into operation in 1936 and has lasted for 32 years, ending with the operation of the Yerevan-1 HPP.
The Sevan-Hrazdan Cascade is the largest cascade in Armenia with the total installed capacity of 561.4 MW. Under the conditions of this capacity, the annual production of electricity in 1957-1963 exceeded 2,000 GWh per year, and in 1993, during the energy crisis in Armenia, it made about 2,838 GWh. The energy of the hydro power plants of the Sevan-Hrazdan Cascade provided about 90% of the republic's demand by the end of 1950. Since 1978, the flow of water from Lake Sevan for energy purposes has been stopped in order to prevent the further lowering of the level of Lake Sevan. Later, with the launching of the «Arpa-Sevan» tunnel in 1981, the level of Lake Sevan started raising, but the Sevan-Hrazdan Cascade is operated for agricultural needs from now on under the conditions of the priority of providing irrigation water.
The current capacity of the Sevan-Hrazdan Cascade makes 539.9 MW today. The two hydro power plants of the Sevan-Hrazdan Cascade, i.e. the Sevan HPP and the Hrazdan HPP, operate only through the water energy released from Lake Sevan during the irrigation seasons, and, consequently, are operated only during the irrigation seasons. The rest of the HPPs operate throughout the whole year, except for the smallest HPP of the cascade, the Yerevan-3 HPP, which operates during the non-irrigation seasons through the water of the Artashat main irrigation canal.
The energetic flexibility of the Sevan-Hrazdan Cascade is ensured by the three reservoirs located near the main structures of the Argel, Arzni and Yerevan-1 hydro power plants, as well as the daily regulatory basins located at the end of the Argel and Kanaker diversions. The diversion system of the Cascade is 65.5 km long, of which concrete-covered open canals are 30.7 km and tunnels are 34.8 km.
The Argel HPP, the third stage of the Cascade, is the largest one in Armenia with its installed capacity of 224 MW.
The Sevan HPP is the only underground HPP in Armenia, and the Arzni HPP is the only rock-cut HPP in Armenia.
The Sevan-Hrazdan Cascade has an essential importance for the whole energy system of Armenia. Taking into account the age of the Cascade equipment and the absence of the large-scale complete repairs, they need to be replaced and repaired. The Tashir Group of Companies shows serious attitude towards this issue, which together with large international companies, initiate ambitious programs for the complete re-equipment of the Cascade.
Currently, the Sevan-Hrazdan Cascade has about 7% of the total volume of the useful energy supply in Armenia.