ContourGlobal to invest 27.5 billion drams in modernization of Vorotan cascade of hydroelectric power plants
10.10.2019,
15:25
The ContourGlobal Hidro Caskad will invest 27.5 billion drams in the modernization of the Vorotan cascade of hydroelectric power plants, Armenian Deputy Minister of Economy Avak Avanesyan said during a meeting of the Armenian government today.
YEREVAN, October 10. /ARKA/. The ContourGlobal Hidro Caskad will invest 27.5 billion drams in the modernization of the Vorotan cascade of hydroelectric power plants, Armenian Deputy Minister of Economy Avak Avanesyan said during a meeting of the Armenian government today.
The government decided to award the company a set of customs benefits since its investment program is designed for one of the government' priority sectors.
The deputy minister said the company will spend the money on the acquisition of equipment for electricity production in the southern province of Syunik. He said 10.9 billion drams of that amount have already been spent.
The deputy minister said that at the moment the company employs 151 people with an average salary of 413 thousand drams. In 2018 the company produced 13.7 billion drams worth electricity and plans to increase it to 15.3 billion drams. All the generated energy will be used in Armenia.
The Vorotan Hydro Cascade is a series of three hydroelectric power plants totaling 405 MW 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.
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. ($1 - 476.68 dram). --0—
The government decided to award the company a set of customs benefits since its investment program is designed for one of the government' priority sectors.
The deputy minister said the company will spend the money on the acquisition of equipment for electricity production in the southern province of Syunik. He said 10.9 billion drams of that amount have already been spent.
The deputy minister said that at the moment the company employs 151 people with an average salary of 413 thousand drams. In 2018 the company produced 13.7 billion drams worth electricity and plans to increase it to 15.3 billion drams. All the generated energy will be used in Armenia.
The Vorotan Hydro Cascade is a series of three hydroelectric power plants totaling 405 MW 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.
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. ($1 - 476.68 dram). --0—
