ArmInfo. President Serzh Sargsyan, who is in the United States on a working visitin the framework of the Investment Forum, held a meeting with Joseph Brandt, the Executive Director of Contour Global International Company, the press-service of the Armenian President informs.
To recall, on January 29, 2014 the Armenian government signed with Contour Global (U.S.) a contract on sale of the property of the Vorotan Cascade of HPPs (Armenia) for USD 180 million. The US Company took an obligation to invest nearly $70 mln in reconstruction and modernization of the cascade within upcoming 6 years.
During the meeting the parties discussed the results of the activities of the Contour Global Hydro Cascade, which opened its office in Armenia one year ago, and the preliminary works for the next phase of the investments of the Company, which so far is the largest American investor to our country. The parties highly valued the level of cooperation, which in their opinion allowed the Company in a short period of time to achieve noticeable results.
To recall, "Vorotan Cascade of HPPs" CJSC, which was a 100% state-run company before the deal, comprises three hydro-power plants (Tatev, Shamb and Spandaryan) with a total capacity of 404.2MW on the River Vorotan and its tributaries. The designed capacity of the Cascade is 1.16 bln kWh electric power per annum.
To note, ContourGlobal is an international power-generation company with approximately 4000 MW in operations or under construction in 20 countries on four continents. ContourGlobal's 1650 employees manage, own and operate a portfolio of 58 power plants utilizing a wide range of fuel types and technologies including renewable energy production based upon hydro-electric, wind, solar and biomass, as well as an extensive fleet of conventionally powered thermal power plants. In Central and Eastern Europe, ContourGlobal currently owns and operates approximately 1220 MW of power generation businesses in Austria, Italy, Bulgaria, Ukraine, Romania and Poland.