Vorotan hydroelectric facility acquisition completedAugust 13, 2015 - 18:24 AMT PanARMENIAN.Net - ContourGlobal and the Republic of Armenia announced the completion of the acquisition of the assets of the Vorotan hydroelectric facility, a series of three individual power plants with a total electrical capacity of 405 MW on the Vorotan River in southern Armenia. ContourGlobal also announced that the International Finance Corporation (“IFC”), a member of the World Bank Group, has acquired a 20% interest in ContourGlobal Hydro Cascade to help acquire, operate, and rehabilitate the Vorotan Hydropower Cascade. The project aims to enhance electricity supply reliability and strengthen the country’s power sector. The 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% of the installed capacity of Armenia’s electricity system and provides sufficient energy to power 250,000 homes. Under the terms of the agreement, ContourGlobal Hydro Cascade will own and operate the three hydroelectric facilities located on the Vorotan River and will supply power to the Armenian grid under a long-term power purchase agreement. ContourGlobal will invest more than Euro 50 million over the next six years in a refurbishment program to modernize the plants and improve their operational performance, safety, reliability and efficiency. ContourGlobal expects the modernization to create 150 near-term jobs in addition to the 150 long-term technicians employed at the plants. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Erdogan’s approval rating falls below 40 percent: survey A total of 53.4 percent of respondents said they disapprove of the performance of Erdoğan. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |