Armenia signs deal to sell Vorotan Hydro Cascade to U.S. firm
YEREVAN. June 9 (Interfax) - An agreement on the purchase-sale and transfer of property rights to the Vorotan Hydropower Cascade to U.S-based ContourGlobal was signed at the Armenian government headquarters on Monday.
The agreement was signed by Armenian Energy and Natural Resources Minister Yervand Zakharyan, Vorotan Hydropower Cascade CEO Sasun Khachatryan, an authorized representative of ContourGlobal Hydrocascade and ContourGlobal Terra Holdings, CG Solutions Global Holding Company CEO Joseph Brandt.
Brandt said the U.S. company is interested in major investments in modernization and the full-scale operation of the Vorotan Hydro Cascade.
ContourGlobal, which is headquartered in New York, has 33 power plants in 17 countries with combined capacity of 3,500 MW.
The Vorotan Hydro Cascade consists of three power plants: 76-MW Spandaryan, 171-MW Shamb and 157.2-MW Tatev. The cascade generates about 16% of Armenia's total electricity and accounts for about half of the country's hydropower generation.
