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ARMENIA MAY SELL VOROTANSKY HYDROPOWER STATION TO U.S. CONTOURGLOBAL
Interfax, Russia
June 11 2013
Armenia may transfer state-owned Vorotansky Cascade Hydroelectric
Station to ContourGlobal of the U.S.
Talks on sale of the 100% state-owned company and the terms of the
deal are currently underway, the company said.
ContourGlobal will finance acquisition of the station internally
and with funds from the Overseas Private Investment Corporation
(OPIC) and the International Finance Corporation. The company did
not disclose the purchase price, but said it was "substantial."
ContourGlobal is prepared to invest in modernizing the plant's
capacity. The investment is needed soon, considering how long the
cascade has been in service.
The Vorotansky station has been earmarked for privatization for about
10 years. The issue has come to the fore now that the state needs
money to compensate for rising energy prices.
The cascade has been in operation for about 40 years and is due for
an overhaul. The state would rather sell the plant - assuming it can
find the right buyer - than invest in its modernization, Energy and
Natural Resources Ministry Armen Movsisyan said.
The cascade has 400 megawatts of capacity. It provides power during
peak use times in Armenia and regulates frequency when electricity
is imported from Iran or exported to Iran.
CountourGlobal, headquartered in New York, manages power generation
assets with 3,000 MW of capacity in 17 countries. ContourGlobal is
interested in conventional power generation as well as solar and wind
power and electricity generated from biomass.
Jh of
Interfax, Russia
June 11 2013
Armenia may transfer state-owned Vorotansky Cascade Hydroelectric
Station to ContourGlobal of the U.S.
Talks on sale of the 100% state-owned company and the terms of the
deal are currently underway, the company said.
ContourGlobal will finance acquisition of the station internally
and with funds from the Overseas Private Investment Corporation
(OPIC) and the International Finance Corporation. The company did
not disclose the purchase price, but said it was "substantial."
ContourGlobal is prepared to invest in modernizing the plant's
capacity. The investment is needed soon, considering how long the
cascade has been in service.
The Vorotansky station has been earmarked for privatization for about
10 years. The issue has come to the fore now that the state needs
money to compensate for rising energy prices.
The cascade has been in operation for about 40 years and is due for
an overhaul. The state would rather sell the plant - assuming it can
find the right buyer - than invest in its modernization, Energy and
Natural Resources Ministry Armen Movsisyan said.
The cascade has 400 megawatts of capacity. It provides power during
peak use times in Armenia and regulates frequency when electricity
is imported from Iran or exported to Iran.
CountourGlobal, headquartered in New York, manages power generation
assets with 3,000 MW of capacity in 17 countries. ContourGlobal is
interested in conventional power generation as well as solar and wind
power and electricity generated from biomass.
Jh of