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Vorotan Cascade Deal Close To Completion, Claims Armenian Deputy Min

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  • Vorotan Cascade Deal Close To Completion, Claims Armenian Deputy Min

    VOROTAN CASCADE DEAL CLOSE TO COMPLETION, CLAIMS ARMENIAN DEPUTY MINISTER

    YEREVAN, November 5. /ARKA/. The Vorotan Cascade hydro power plant
    deal is close to completion, Armenia's deputy minister of energy and
    natural resources Ara Simonyan said during the draft budget discussions
    at the parliament committees on Tuesday.

    On January 29 American ContourGlobal and Armenia's government signed
    an agreement under which ContourGlobal is to purchase and modernize
    the Vorotan Hydro Cascade, a series of three hydroelectric power
    plants totaling 405 MW on the Vorotan River in southern Armenia,
    for a purchase price of $180 million.

    The deal is very close to completion, some technical issues and tariff
    policies remain to be agreed about, Simonyan said.

    The deputy minister said as far as he knows the deal will be finalized
    in the near future.

    Simonyan also said the buyer is expected to make serious investments
    to rehabilitate the cascade. He said the government may attract loans
    to relieve load on customers from possible tariff increases. -0--

    http://arka.am/en/news/business/vorotan_cascade_deal_close_to_completion_claims_ar menian_deputy_minister_/#sthash.FMaVLjiD.dpuf




    From: A. Papazian
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