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Levon Zurabyan: Vorotan Cascade Power Plant Was Privatized Via Break

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  • Levon Zurabyan: Vorotan Cascade Power Plant Was Privatized Via Break

    LEVON ZURABYAN: VOROTAN CASCADE POWER PLANT WAS PRIVATIZED VIA BREAKING THE LEGISLATION

    by Ashot Safaryan

    Monday, February 3, 14:50

    Vorotan Cascade power plant was privatized via breaking the
    legislation, the head of the Armenian National Congress parliamentary
    faction, Levon Zurabyan, said at today's session of the parliament.

    He also added that the government of Armenia had no right to sell such
    an important strategic facility without preliminary coordination with
    the parliament. "Against the background of the talks about raising
    of the authority of the parliament, such actions of the government
    and connivance of the great majority of the parliament cause at least
    bewilderment", - Zurabyan said.

    To recall, on 29 January the Government of the Republic of Armenia,
    Vorotan Cascade of Hydroelectric Power Plants CJSC, and CG Solutions
    Global Holding Company LLC have signed an estate sale and purchase
    agreement. Under the terms of the agreement, over the next 6 years
    ContourGlobal will invest $70 million in a refurbishment program to
    modernize the Vorotan hydroelectric plants, according to capital
    investments and expenditure plan submitted in advance, which will
    be discussed and agreed on with the Public Services Regulatory
    Commission. The latter has also confirmed the tariff plan, according
    to which the company will ensure the continuous and uninterrupted
    operation of Vorotan Cascade of Hydroelectric Power Plants in the
    next 25 years.

    ContourGlobal is a New York based power-generation company with
    approximately 3500 MW in operations in 17 countries and on four
    continents. ContourGlobal's 1650 employees manage, own and operate
    a portfolio of 33 power plants utilizing a wide range of fuel types
    and technologies including renewable energy production based upon
    Hydro, wind, solar and biomass, as well as an extensive fleet of
    conventionally powered thermal power plants. In the wider Eastern
    Europe area, ContourGlobal currently owns and operates approximately
    1100 MW of power generation businesses in Bulgaria, Ukraine, Romania,
    and Poland. Vorotan Cascade Of Hydroelectric Power Plants will become
    one of Europe's largest deals, totaling $180 million.

    http://www.arminfo.am/index.cfm?objectid=63A63940-8CC9-11E3-84B60EB7C0D21663

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