ContourGlobal talks with Armenian government over buying Vorotan Hydro cascade

YEREVAN, June 12./ARKA/. ContourGlobal American company said Wednesday it is advanced negotiations with the Government of Armenia to acquire all of the generating assets of the ‘Vorotan Hydro cascade’. 

“While commercial terms are still being finalized the purchase price will be very significant and all of the funds will be sourced from outside of Armenia using a combination of ContourGlobal’s own resources and those of prestigious international financial institutions including The Overseas Private Investment Corporation (OPIC) and the International Finance Corporation (IFC) which is a part of the World Bank Group with whom we have strong business relations,” the company said.

In addition to the full purchase price, ContourGlobal will be committing to invest further in a major overhaul of the main generating equipment at the power plants. 

“This investment is urgently needed given the age of the plants and the under investment in recent years, to make them more reliable given their critical role in providing frequency regulation for the Armenian Power Grid.”

The transaction as contemplated fully complies with all requirements under Armenian Law and International best practices. 

ContourGlobal is a New York based international power-generation company with approximately 3000 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.-0-