U.S.-based ContourGlobal completes deal for Armenia's 405-MW Vorotan hydropower project

Armenia Map

New York-base CountourGlobal has finalized a $US180 million deal to acquire Armenia's 405-MW Vorotan hydroelectric plant, ending more than year of deliberations with the Armenian government.

CountourGlobal signed an agreement with the Armenian government to purchase the project last January, though the deal was reportedly stymied by the Russian companies that own a large portion of the country's other generating assets.

The Vorotan project is a cascade of three plants on the Vorotan River in southern Armenia that accounts for about 15% of the country's total installed capacity.

Per the agreement, the three plants will be owned and operated by ContourGlobal subsidiary ContourGlobal Hydro Cascade. The company said in 2014 it will invest $70 million over the next six years in a refurbishment and modernization program that will "create 150 near-term jobs in addition to the 150 long-term technicians employed at the plants".

Armenia's Public Services Regulatory Commission has approved a tariff plan for Vorotan's operation that will extend for 25 years.

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