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.

For more news from Europe, visit here.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs