Vorotan hydro cascade deal to be finalized within month – minister

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Economy

14.01.2015, 15:42

Vorotan hydro cascade deal will be finalized within a month, Armenia’s minister of energy and natural resources Yervand Zakharyan told reporters on Wednesday.

Vorotan hydro cascade deal to be finalized within month – minister

YEREVAN, January 14. /ARKA/. Vorotan hydro cascade deal will be finalized within a month, Armenia’s minister of energy and natural resources Yervand Zakharyan told reporters on Wednesday.

The deal was signed on January 29 with ContourGlobal, a US-based company under which ContourGlobal is 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.

The ministry of energy kept saying the deal is close to completion, but the final document has not been signed yet.

The minister said there are still some legal issues to be settled, and the deal is expected to be finalized within a month.

This will be 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.

The government may attract international loans to ease the burden of tariff increases on consumers. –0--

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