U.S. Contour Global to invest 10.25 billion drams in modernization of Vorotan cascade of hydropower plants

YEREVAN, July 6. /ARKA/. Armenia’s Public Services Regulatory Commission (PSRC) said today it will look July 7 into a three-year investment program of the American company Contour Global, which owns the Vorotan cascade of hydroelectric power plants.

According to PSRC, the total cost of the investment program, calculated for 2021-2023, is 10.254 billion drams.

According to the company, some 1.465 billion drams of the total amount will be allocated for collection of data and strengthening of the dam and other technical structures of the cascade.

Another 2.351 billion drams will be channeled into the improvement of the environmental protection and technical safety systems.

In addition, almost 4 billion drams will be spent on the modernization, restoration, reconstruction of various structures of the Tatev hydroelectric power plant. Another 2.675 billion drams will be spent on the replacement of the power transformers at Shamb hydroelectric station.

The Vorotan Hydro Cascade is a series of three hydroelectric power plants - Shamb, Tatev and Spandaryan - located on the Vorotan River in southern Armenia. The U.S.-based company bought it for $180 million. The deal was completed in 2016.

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. ($1 - 495.49 drams). --0--