ArmInfo. In 2018 the company Contour Global Hydro Cascade invests 1.680bln AMD (without VAT) in modernization of the Vorotan cascade of HPPs belonging to it. The decision was taken at a meeting of the Public Services Regulatory Commission (PSRC) of the Republic of Armenia, which approved the company's investment program for 2018 on May 8.
Investments will mainly be aimed at ensuring the continuous operation of the hydroelectric power stations of the cascade, increasing the independence and reliability of the country's energy complex. Within the framework of the investment program, it is planned to carry out work to improve the safety of all reservoirs of the cascade, assess the state of the turbine halls, invest in nature protection, technical safety, and introduce modern technologies.
As ArmInfo earlier reported, the property complex of the Vorotan cascade of HPPs, which is the property of the American company Contour Global Hydro Cascade, is pledged for attracted credit resources. 100% of the company's shares are distributed in equal proportion between financial institutions such as HSBC Trustee Company, the international financial corporation, the Netherlands Development and Finance Fund, the German Investment and Development Fund, and the Republic of Armenia. The property pledge will allow an additional 150 million euros to upgrade the Vorotan cascade of hydroelectric stations, not including 51 million euros, attracted by the government of the country from the German bank KfW to the sale of the Cascade of the American company. Recall that on December 1, 2015, the Armenian government decided to renegotiate the contract with the American company Contour Global to clarify the obligation of American investors to pay off the remaining part of the loan of 51 million euros from the bank KfW. On August 12, 2015, the American company Contour Global and the Republic of Armenia announced the completion of the acquisition of the assets of the Vorotan cascade of HPPs for $ 180 million. The company received a license for a period of 25 years for the operation of three hydroelectric stations of the Vorotan cascade of hydroelectric power stations. The total capacity of 404.2 MW, including at the Spandaryan HPP (76 MW), Shamba (171 MW) and Tatevskaya (157.2 MW).