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Armenia's Vorotan Hydro Complex Sold To ContourGlobal

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  • Armenia's Vorotan Hydro Complex Sold To ContourGlobal

    ARMENIA'S VOROTAN HYDRO COMPLEX SOLD TO CONTOURGLOBAL

    Water Power Magazine
    Jan 30 2014

    30 January 2014

    US power generation firm ContourGlobal has agreed to acquire the
    405MW Vorotan Hydro Cascade on the Vorotan River in Southern Armenia
    for US$180M.

    The company signed an agreement with the Government of Armenia to
    acquire and modernize the complex, which consists of a series of three
    hydroelectric power plants.. The cascade is one of the largest and
    most flexible power generating facilities in Armenia and the Caucuses.

    This acquisition represents the largest single US private investment
    in Armenia's history and the first US 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, a
    direct and wholly owned subsidiary of ContourGlobal, 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 also invest $70M 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.

    "Our signing of this agreement is the culmination of approximately
    two years of fruitful collaboration with the Government of Armenia
    and its agencies," said Joseph C. Brandt, ContourGlobal's President
    and Chief Executive Officer. "We are thrilled to have the opportunity
    to play an integral role in the Armenian power system and to make a
    significant and lasting contribution to a key part of the country's
    infrastructure. I look forward to working together with the Government
    of Armenia towards a successful conclusion of this transaction."

    The acquisition will add to ContourGlobal's growing presence in
    Eastern Europe, where it owns power generation facilities in Bulgaria,
    Ukraine, Romania, and Poland, and will contribute to ContourGlobal's
    renewable energy portfolio, which currently comprises approximately
    1000MW of hydro, wind, solar and biogas production in Latin America,
    Europe and Africa.

    http://www.waterpowermagazine.com/news/newsarmenias-vorotan-hydro-complex-sold-to-contourglobal-4168848

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