Public services regulatory commission renews Vorotan’s hydropower plant’s license for electricity production

Public services regulatory commission renews Vorotan’s hydropower plant’s license for electricity production

YEREVAN, June 18. / ARKA /. Armenia’s Public Services Regulatory Commission (PSRC) has renewed today Vorotan’s hydropower plant’s license for electricity production until June 18, 2029. 

The facility’s financial director Aram Melkumyan said the transaction to sell the facility to the US-based ContourGloba is not yet finalized. 

On January 29 the US-based ContourGlobal and Armenia’s government signed an agreement for ContourGlobal to purchase and modernize the Vorotan Hydro Cascade, a series of three hydroelectric power plants totaling 405 MW on the Vorotan River in southern Armenia, for a purchase price of $180 million.  This acquisition represents the largest single U.S. private investment in Armenia's history and the first U.S. investment in Armenia's energy sector. The Vorotan Hydro Cascade accounts for roughly 15 percent of the installed capacity of Armenia's electricity system and provides sufficient energy to power 250,000 homes.

Under the terms of the agreement, ContourGlobal Hydro Cascade, a direct and wholly owned subsidiary of ContourGlobal, will own and operate the three hydroelectric facilities located on the Vorotan river and will supply power to the Armenian grid under a long-term power purchase agreement. ContourGlobal will also invest $70 million over the next six years in a refurbishment program to modernize the plants and improve their operational performance, safety, reliability, and efficiency. ContourGlobal expects the modernization to create 150 near-term jobs in addition to the 150 long-term technicians employed at the plants.

ContourGlobal is a New York based international power-generation company with approximately 3500 MW in operations or under construction in 17 countries and on four continents. ContourGlobal's 1650 employees manage, own and operate a portfolio of 33 power plants utilizing a wide range of fuel types and technologies including renewable energy production based upon Hydro, wind, solar and biomass, as well as an extensive fleet of conventionally powered thermal power plants. 

In the wider Eastern Europe area, ContourGlobal currently owns and operates approximately 1100 MW of power generation businesses in Bulgaria, Ukraine, Romania, and Poland and eagerly anticipates adding the plants in Armenia to this portfolio. -0-

15:21 18.06.2014

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