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POLITICAL EXPERT: SALE OF VOROTAN CASCADE OF HPPS TO U.S. WAS A REASONABLE EFFORT TO KEEP THE ECONOMIC AND FOREIGN POLITICAL BALANCE AFTER ACCESSING THE CU
by David Stepanyan
ARMINFO
Tuesday, February 11, 11:56
Sale of the Vorotan Cascade of HPPs to U.S. was a reasonable effort
to keep the economic and foreign political balance after accessing
the CU, said Deputy Head of the Caucasus Institute Sergey Minasyan
commenting on the above deal to ArmInfo.
As it was reported earlier on January 29, ContourGlobal and the
Government of Armenia announced that they have signed an agreement for
ContourGlobal 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 USD. ContourGlobal will invest $70 million over the next six
years in a refurbishment program to modernize the plants and improve
their operational performance, safety, reliability, and efficiency.
"I think, the given deal shows Yerevan's aspirations to preserve its
economic and political contacts in the USA and the EU simultaneously
accessing the CU. Consequently, the Government will further search
ways to make a new agreement, a facilitated version of AA and DCFTA,
with the EU at the same time implementing the road map of accession
to the Customs Union. Armenia needs a document that would allow it
to further integrate into Europe so that it does not run contrary to
Moscow-led Eurasian projects," Minasyan concluded.
Vorotan Cascade of HPPs consists of three hydro-power plants with a
total capacity of 404MW. The Cascade operates year-round thanks to its
two reservoirs and helps regulating the frequencies of power exchange
from Iran to Armenia and the vice versa. The designed capacity of the
Cascade is 1.16 bln kWh electricity annually. Vorotan Cascade of HPPs
CJSC was 100% state company under jurisdiction of the Ministry of
Energy and Natural Resources of Armenia before the latest deal. The
Vorotan Hydro Cascade is one of the largest and most flexible
power generating facilities in Armenia and the Caucasus. It needs
modernization and this acquisition represents the largest single U.S.
private investment in Armenia's history and the first U.S. investment
in Armenia's energy sector.
by David Stepanyan
ARMINFO
Tuesday, February 11, 11:56
Sale of the Vorotan Cascade of HPPs to U.S. was a reasonable effort
to keep the economic and foreign political balance after accessing
the CU, said Deputy Head of the Caucasus Institute Sergey Minasyan
commenting on the above deal to ArmInfo.
As it was reported earlier on January 29, ContourGlobal and the
Government of Armenia announced that they have signed an agreement for
ContourGlobal 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 USD. ContourGlobal will invest $70 million over the next six
years in a refurbishment program to modernize the plants and improve
their operational performance, safety, reliability, and efficiency.
"I think, the given deal shows Yerevan's aspirations to preserve its
economic and political contacts in the USA and the EU simultaneously
accessing the CU. Consequently, the Government will further search
ways to make a new agreement, a facilitated version of AA and DCFTA,
with the EU at the same time implementing the road map of accession
to the Customs Union. Armenia needs a document that would allow it
to further integrate into Europe so that it does not run contrary to
Moscow-led Eurasian projects," Minasyan concluded.
Vorotan Cascade of HPPs consists of three hydro-power plants with a
total capacity of 404MW. The Cascade operates year-round thanks to its
two reservoirs and helps regulating the frequencies of power exchange
from Iran to Armenia and the vice versa. The designed capacity of the
Cascade is 1.16 bln kWh electricity annually. Vorotan Cascade of HPPs
CJSC was 100% state company under jurisdiction of the Ministry of
Energy and Natural Resources of Armenia before the latest deal. The
Vorotan Hydro Cascade is one of the largest and most flexible
power generating facilities in Armenia and the Caucasus. It needs
modernization and this acquisition represents the largest single U.S.
private investment in Armenia's history and the first U.S. investment
in Armenia's energy sector.