ENA says loan portfolio reduced by over $50 million under interim management

Electric Networks of Armenia (ENA) has repaid another portion of its loan obligations to international banks, amounting to around $9 million, the company’s interim administrator Romanos Petrosyan said in a statement.

Petrosyan noted that the company’s current loan portfolio stands at approximately $347.6 million. He said that ENA’s loan portfolio has been reduced by more than $50 million during the period of interim management.

The Armenian government enacted emergency legislation in 2025 to take over management of ENA, owned by Samvel Karapetyan’s Tashir Group, accusing the power distributor of mismanagement. It then revealed plans to nationalize the company through eminent domain law.

“In recent days, Electric Networks of Armenia (ENA) has repaid another portion of its loan obligations to international banks, amounting to around $9 million.

As of July 2025, at the time when the head of the Public Services Regulatory Commission initiated administrative proceedings against ENA, the company had total loan obligations to international and local banks, as well as issued bonds (including accrued interest), of about $396.8 million, of which around $123.3 million was owed to international banks (with the company’s 100% shares pledged as collateral). At present, ENA’s loan portfolio stands at approximately $347.6 million, of which $93.2 million is in international loans.

Accordingly, during the period of interim management, the company’s financial obligations to international and local banks have been reduced by about $50 million (including early repayments),” Romanos Petrosyan said in a statement on social media, adding that the payments were made exclusively from ENA’s own funds, alongside normal financial and operational activity, without involving any additional financing.