MINISTRY OF ENERGY INFRASTRUCTURES AND NATURAL RESOURCES OF THE REPUBLIC OF ARMENIA
MINISTRY OF ENERGY INFRASTRUCTURES AND NATURAL RESOURCES OF THE REPUBLIC OF ARMENIA
The contract of sale and purchase of Vorotan Hydro Cascade's estate was signed
On January 29, at the RA Government, the Minister of Energy and Natural Resources Armen Movsisyan, the Vice President of American Contour Global Hydrocascade company Garry Levesley and the Director of Vorotan Hydro Cascade CJSC Sasun Khachatryan signed the estate sale and purchase agreement totaling $ 180 million. According to the contract, the Contour Global Hydrocascade company have to invest around $ 70 million for modernization and repair of Vorotan Hydro Cascade over the next 6 years.The capital investment program in advance will be discussed and agreed with the Public Services Regulatory Commission / Commission /.
The Commission has also approved the tariff plan, by which the company will provide the continuous and uninterrupted operation of Vorotan Complex during the next 25 years. After the signing of the contract, the Minister of Energy and Natural Resources Armen Movsisyan said, that Vorotan Hydro Cascade will be exploited by a company, which has enough experience in the field of hydro power.
- The Vorotan Hydropower Complex is about 40 years old, which is quite a large age for a such plant. There was a necessity of modernization and equipment of the plant, that means quite a lot to invest, said A. Movsisyan.
During the meeting, before the contract was signed, the Prime Minister Tigran Sargsyan and Garry Levesley expressed satisfaction with the transaction and highlighted future investment plans. "Armenia is interested in bilateral cooperation and new investment programs," said Tigran Sargsyan.
Garry Levesley thanked the Armenian side for the effective cooperation and assured, that they will do everything to become an effective partner.
"We understand what kind of responsibility we assume. We will do everything to support Armenia's energy security", said the vice president of Contour Global Hydrocascade company.
He said, the deal could also contribute to western investors for more intensive investments in Armenia.
Note, that Contour Global Hydrocascade company based in New York, it has 33 power stations, with total capacity about 3,500 MW in 17 countries of the world: in Africa, South and North America and Europe.
The Contour Global Hydrocascade company has about 1650 employees and is an owner and operator of traditional and alternative types of power plants (excluding nuclear), including wind and solar energy.
The company has about 1,100 MW of power plants in Eastern Europe: In Bulgaria, Ukraine, Romania and Poland.
The achievement of the Vorotan Hydropower Complex of Armenia is one of the largest transactions of the Contour Global Hydrocascade company in European region.