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ARMENIA'S VOROTAN HYDRO COMPLEX SOLD TO CONTOURGLOBAL
Water Power Magazine
Jan 30 2014
30 January 2014
US power generation firm ContourGlobal has agreed to acquire the
405MW Vorotan Hydro Cascade on the Vorotan River in Southern Armenia
for US$180M.
The company signed an agreement with the Government of Armenia to
acquire and modernize the complex, which consists of a series of three
hydroelectric power plants.. The cascade is one of the largest and
most flexible power generating facilities in Armenia and the Caucuses.
This acquisition represents the largest single US private investment
in Armenia's history and the first US investment in Armenia's energy
sector. The Vorotan Hydro Cascade accounts for roughly 15% of the
installed capacity of Armenia's electricity system and provides
sufficient energy to power 250,000 homes.
Under the terms of the agreement, ContourGlobal Hydro Cascade, a
direct and wholly owned subsidiary of ContourGlobal, will own and
operate the three hydroelectric facilities located on the Vorotan
river and will supply power to the Armenian grid under a long-term
power purchase agreement. ContourGlobal will also invest $70M 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 employed
at the plants.
"Our signing of this agreement is the culmination of approximately
two years of fruitful collaboration with the Government of Armenia
and its agencies," said Joseph C. Brandt, ContourGlobal's President
and Chief Executive Officer. "We are thrilled to have the opportunity
to play an integral role in the Armenian power system and to make a
significant and lasting contribution to a key part of the country's
infrastructure. I look forward to working together with the Government
of Armenia towards a successful conclusion of this transaction."
The acquisition will add to ContourGlobal's growing presence in
Eastern Europe, where it owns power generation facilities in Bulgaria,
Ukraine, Romania, and Poland, and will contribute to ContourGlobal's
renewable energy portfolio, which currently comprises approximately
1000MW of hydro, wind, solar and biogas production in Latin America,
Europe and Africa.
http://www.waterpowermagazine.com/news/newsarmenias-vorotan-hydro-complex-sold-to-contourglobal-4168848
Water Power Magazine
Jan 30 2014
30 January 2014
US power generation firm ContourGlobal has agreed to acquire the
405MW Vorotan Hydro Cascade on the Vorotan River in Southern Armenia
for US$180M.
The company signed an agreement with the Government of Armenia to
acquire and modernize the complex, which consists of a series of three
hydroelectric power plants.. The cascade is one of the largest and
most flexible power generating facilities in Armenia and the Caucuses.
This acquisition represents the largest single US private investment
in Armenia's history and the first US investment in Armenia's energy
sector. The Vorotan Hydro Cascade accounts for roughly 15% of the
installed capacity of Armenia's electricity system and provides
sufficient energy to power 250,000 homes.
Under the terms of the agreement, ContourGlobal Hydro Cascade, a
direct and wholly owned subsidiary of ContourGlobal, will own and
operate the three hydroelectric facilities located on the Vorotan
river and will supply power to the Armenian grid under a long-term
power purchase agreement. ContourGlobal will also invest $70M 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 employed
at the plants.
"Our signing of this agreement is the culmination of approximately
two years of fruitful collaboration with the Government of Armenia
and its agencies," said Joseph C. Brandt, ContourGlobal's President
and Chief Executive Officer. "We are thrilled to have the opportunity
to play an integral role in the Armenian power system and to make a
significant and lasting contribution to a key part of the country's
infrastructure. I look forward to working together with the Government
of Armenia towards a successful conclusion of this transaction."
The acquisition will add to ContourGlobal's growing presence in
Eastern Europe, where it owns power generation facilities in Bulgaria,
Ukraine, Romania, and Poland, and will contribute to ContourGlobal's
renewable energy portfolio, which currently comprises approximately
1000MW of hydro, wind, solar and biogas production in Latin America,
Europe and Africa.
http://www.waterpowermagazine.com/news/newsarmenias-vorotan-hydro-complex-sold-to-contourglobal-4168848