Thursday, October 10 2019 13:59

ArmInfo. Contour Global Hydro Cascade will make additional AMD 27.5 billion drams investmen in the modernization of its Vorotan Cascade of Hydroelectric Power  Plants in Armenia. At the October 10 meeting, the Government of the  Republic of Armenia approved the company's application for exemption  from customs payments for imported equipment.

As the Deputy Minister of Economy of the Republic of Armenia Avag  Avavnesyan noted, within the framework of the program, the company  has already invested 10.9 billion drams.

Imported equipment will be used to generate electricity. In 2018,  electricity in the amount of 13.3 billion drams was generated in  Cascade; the implementation of the new program will increase these  indicators to 15.3 billion drams. Currently, the company has 100  employees with an average salary of 413 thousand drams. Under the new  program, it is planned to create 10 more new jobs with an average  salary of 700 thousand drams. In 2018, the company paid 760 million  drams to the state budget in the form of taxes.

As ArmInfo previously reported, the property complex of the Vorotan  Cascade of Hydroelectric Power Plants was pledged under attracted  credit resources. 100% of the company's shares are distributed in  equal proportions 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. A pledge of property will make it  possible to attract an additional 150 million euros for the  modernization of the stations of the Vorotan Cascade of Hydroelectric  Power Plants, not counting 51 million euros raised by the government  from the German bank KfW before the sale of Cascade to an American  company.  To recall, on December 1, 2015, the Armenian government  decided to renew the contract with the American company "Contour  Global" to clarify the obligation of American investors to repay the  remaining part of the loan of 51 million euros from KfW Bank.

On August 12, 2015, the American company Contour Global and the  Republic of Armenia announced the completion of the acquisition of  assets of the Vorotan Cascade of Hydroelectric Power Plants for $ 180  million. The company received a license for a period of 25 years for  the operation of 3 hydroelectric power stations of the Vorotan  Cascade of Hydroelectric Power Plants, with a total capacity of 404.2  MW, including the Spandaryan (76 MW), Shamb (171 MW) and Tatev (157.2  MW) HPPs.