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VOROTAN HYDRO CASCADE DEAL TO BE FINALIZED WITHIN MONTH - MINISTER
YEREVAN, January 14. /ARKA/. Vorotan hydro cascade deal will be
finalized within a month, Armenia's minister of energy and natural
resources Yervand Zakharyan told reporters on Wednesday.
The deal was signed on January 29 with ContourGlobal, a US-based
company under which ContourGlobal is 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.
The ministry of energy kept saying the deal is close to completion,
but the final document has not been signed yet.
The minister said there are still some legal issues to be settled,
and the deal is expected to be finalized within a month.
This will be the largest single U.S. private investment in Armenia's
history and the first U.S. investment in Armenia's energy sector. The
Vorotan Hydro Cascade accounts for roughly 15 percent of the installed
capacity of Armenia's electricity system and provides sufficient
energy to power 250,000 homes.
The government may attract international loans to ease the burden of
tariff increases on consumers. -0--
http://arka.am/en/news/economy/vorotan_hydro_cascade_deal_to_be_finalized_within_ month_minister/#sthash.2nLiOcrK.dpuf
YEREVAN, January 14. /ARKA/. Vorotan hydro cascade deal will be
finalized within a month, Armenia's minister of energy and natural
resources Yervand Zakharyan told reporters on Wednesday.
The deal was signed on January 29 with ContourGlobal, a US-based
company under which ContourGlobal is 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.
The ministry of energy kept saying the deal is close to completion,
but the final document has not been signed yet.
The minister said there are still some legal issues to be settled,
and the deal is expected to be finalized within a month.
This will be the largest single U.S. private investment in Armenia's
history and the first U.S. investment in Armenia's energy sector. The
Vorotan Hydro Cascade accounts for roughly 15 percent of the installed
capacity of Armenia's electricity system and provides sufficient
energy to power 250,000 homes.
The government may attract international loans to ease the burden of
tariff increases on consumers. -0--
http://arka.am/en/news/economy/vorotan_hydro_cascade_deal_to_be_finalized_within_ month_minister/#sthash.2nLiOcrK.dpuf