Fifty-one million euro investment in Vorotan cascade to be included in electricity price
29.03.2017,
16:13
Armenia’s Public Services Regulatory Commission (PSRC) has allowed today the Contour Global Hydro Cascade, the owner of Vorotan cascade of hydropower plants in the southern region of Syunik, to incorporate 51 million euros, which it plans to attract from the German KfW bank to upgrade the utility, into the electricity price.
YEREVAN, March 29. /ARKA/. Armenia’s Public Services Regulatory Commission (PSRC) has allowed today the Contour Global Hydro Cascade, the owner of Vorotan cascade of hydropower plants in the southern region of Syunik, to incorporate 51 million euros, which it plans to attract from the German KfW bank to upgrade the utility, into the electricity price.
Sergey Aginyan, head of the PSRC unit in charge of development and monitoring, said the decision will allow the US-based Contour Global Hydro Cascade to re-equip and modernize Shamb, Tatev, and Spandaryan hydropower plants, which are part of the Vorotan Cascade.
According to him, Contour Global Hydro Cascade plans a complete modernization and rehabilitation of electrical and mechanical systems of power units, including the replacement of turbines, generators, control and protection systems.
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 is one of the three largest taxpayers of Armenia. The cascade accounts for about 15% of Armenia's generating capacity.
In 2016 December Armenia’s Public Services Regulatory Commission approved the decision of Contour Global to attract a $150 million loan for the modernization of Vorotan cascade of hydropower plants. The loan was to 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 company promised earlier to create 150 jobs. -0-
Sergey Aginyan, head of the PSRC unit in charge of development and monitoring, said the decision will allow the US-based Contour Global Hydro Cascade to re-equip and modernize Shamb, Tatev, and Spandaryan hydropower plants, which are part of the Vorotan Cascade.
According to him, Contour Global Hydro Cascade plans a complete modernization and rehabilitation of electrical and mechanical systems of power units, including the replacement of turbines, generators, control and protection systems.
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 is one of the three largest taxpayers of Armenia. The cascade accounts for about 15% of Armenia's generating capacity.
In 2016 December Armenia’s Public Services Regulatory Commission approved the decision of Contour Global to attract a $150 million loan for the modernization of Vorotan cascade of hydropower plants. The loan was to 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 company promised earlier to create 150 jobs. -0-
