Targeted News Service
January 29, 2014 Wednesday 6:59 PM EST

YEREVAN, Armenia

The U.S. Embassy issued the following news release:

The United States Embassy welcomes the agreement between the government
of Armenia and the U.S. Company ContourGlobal over the purchase of the
Vorotan Hydro Cascade. This 180 million dollar investment represents
the largest ever U.S. private investment in Armenia and the first
U.S. investment in Armenia's energy sector. The Vorotan Hydro Cascade
is a series of three hydroelectric power plants capable of generating
405 MW (on the Vorotan River in southern Armenia). It is one of the
largest and most flexible power generating facilities in Armenia
and the Caucasus. The agreement was signed today in the office of
the Prime Minister, by the Minister of Energy and Natural Resources
Mr. Armen Movsisyan and ContourGlobal's Executive Vice President and
CEO for Eastern Europe & CIS, Mr. Garry K.

Levesley. The U.S. Ambassador to Armenia John A. Heffern was also

Under the terms of the agreement, ContourGlobal Hydro Cascade, a direct
and wholly owned subsidiary of ContourGlobal, will supply power to
the Armenian grid under a long-term power purchase agreement. It will
also invest US$ 70 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 that will be employed
at the plants.