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CONTOURGLOBAL TALKS WITH ARMENIAN GOVERNMENT OVER BUYING VOROTAN HYDRO CASCADE
YEREVAN, June 12./ARKA/. ContourGlobal American company said Wednesday
it is advanced negotiations with the Government of Armenia to acquire
all of the generating assets of the 'Vorotan Hydro cascade'.
"While commercial terms are still being finalized the purchase
price will be very significant and all of the funds will be sourced
from outside of Armenia using a combination of ContourGlobal's
own resources and those of prestigious international financial
institutions including The Overseas Private Investment Corporation
(OPIC) and the International Finance Corporation (IFC) which is a part
of the World Bank Group with whom we have strong business relations,"
the company said.
In addition to the full purchase price, ContourGlobal will be
committing to invest further in a major overhaul of the main generating
equipment at the power plants.
"This investment is urgently needed given the age of the plants and
the under investment in recent years, to make them more reliable
given their critical role in providing frequency regulation for the
Armenian Power Grid."
The transaction as contemplated fully complies with all requirements
under Armenian Law and International best practices.
ContourGlobal is a New York based international power-generation
company with approximately 3000 MW in operations or under construction
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.-0- - See more at:
http://arka.am/en/news/business/contourglobal_talks_with_armenian_government_over_ buying_vorotan_hydro_cascade/#sthash.98TDhw5w.dpuf
YEREVAN, June 12./ARKA/. ContourGlobal American company said Wednesday
it is advanced negotiations with the Government of Armenia to acquire
all of the generating assets of the 'Vorotan Hydro cascade'.
"While commercial terms are still being finalized the purchase
price will be very significant and all of the funds will be sourced
from outside of Armenia using a combination of ContourGlobal's
own resources and those of prestigious international financial
institutions including The Overseas Private Investment Corporation
(OPIC) and the International Finance Corporation (IFC) which is a part
of the World Bank Group with whom we have strong business relations,"
the company said.
In addition to the full purchase price, ContourGlobal will be
committing to invest further in a major overhaul of the main generating
equipment at the power plants.
"This investment is urgently needed given the age of the plants and
the under investment in recent years, to make them more reliable
given their critical role in providing frequency regulation for the
Armenian Power Grid."
The transaction as contemplated fully complies with all requirements
under Armenian Law and International best practices.
ContourGlobal is a New York based international power-generation
company with approximately 3000 MW in operations or under construction
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.-0- - See more at:
http://arka.am/en/news/business/contourglobal_talks_with_armenian_government_over_ buying_vorotan_hydro_cascade/#sthash.98TDhw5w.dpuf