Contour Global to attract $150 million to upgrade Vorotan hydropower plant
12.12.2016,
15:31
Armenia’s Public Services Regulatory Commission (PSRC) has approved the decision of US-based Contour Global company to attract a $150 million loan for the modernization of Vorotan cascade of hydropower plants, located in southern Armenia.
YEREVAN, December 12. /ARKA/. Armenia’s Public Services Regulatory Commission (PSRC) has approved the decision of US-based Contour Global company to attract a $150 million loan for the modernization of Vorotan cascade of hydropower plants, located in southern Armenia.
The loan will be provided by HSBC Corporate Trustee Company (a subsidiary of HSBC), the International Finance Corporation (IFC), the Dutch financial company for developing countries (FMO) and the German Society for Investment and Development (DEG).
The loan will be used to upgrade the facility and repay loans the company had earlier taken from Armenian banks. The $180 million deal between Contour Global and the Armenian government was closed in 2015 August. It is the largest US investment in Armenia.
The total installed capacity of the cascade is 404.2 MW. The cascade consists of three hydropower plants - Spandaryan (installed capacity - 76 MW), Shamb (171 MW) and Tatev (157.2 MW). Vorotan Cascade of HPPs was one of the three largest taxpayers of Armenia in the third quarter of 2015, having paid 16.7 billion drams in taxes. ($ 1 - 483.58 drams). -0-
The loan will be provided by HSBC Corporate Trustee Company (a subsidiary of HSBC), the International Finance Corporation (IFC), the Dutch financial company for developing countries (FMO) and the German Society for Investment and Development (DEG).
The loan will be used to upgrade the facility and repay loans the company had earlier taken from Armenian banks. The $180 million deal between Contour Global and the Armenian government was closed in 2015 August. It is the largest US investment in Armenia.
The total installed capacity of the cascade is 404.2 MW. The cascade consists of three hydropower plants - Spandaryan (installed capacity - 76 MW), Shamb (171 MW) and Tatev (157.2 MW). Vorotan Cascade of HPPs was one of the three largest taxpayers of Armenia in the third quarter of 2015, having paid 16.7 billion drams in taxes. ($ 1 - 483.58 drams). -0-
