U.S. Embassy congratulates Armenia, ContourGlobal over Vorotan Cascade deal

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 VorotanRiver 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 present.

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.

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