The Armenian government and U.S. Company Contour Global Hydro Cascade will sign an agreement on the purchase/sale of Vorotan HPP Complex in the near future.

Representative of Contour Global Hydro Cascade in Armenia Ara Hovsepyan told Mediamax about it, however, he refrained from clarifying the exact date the agreement will be signed.

After the agreement on purchase/sale of the Complex was signed by the Armenian government, Vorotan HPP Complex, Contour Global Hydro Cascade and CG Solutions Global Holding Company in January 2014, the final transfer of property did not take place and the deal did not complete. The parties have launched negotiations over certain clauses of the agreement.

Contour Global Hydro Cascade is a New York-based company, which has 33 power plants with a total capacity of around 3500 MW in 17 countries in Africa, the Americas and Europe. The company has power plants with a total capacity of around 1100 MW in Eastern Europe – in Bulgaria, Ukraine, Romania and Poland. Vorotan HPP Complex will become one of the company’s largest deals in Europe with a total cost of USD 180 million.

The company has undertaken to invest roughly USD 70 million in the modernization and repair of the Armenian complex in coming six years.

Vorotan HPP Complex accounts for around 15% of electric energy generated in Armenia.

It should be recalled that in his exclusive interview to Mediamax in February last year, Contour Global Hydro Cascade Executive Vice President Garry Levesley told about the plans for Vorotan Complex modernization.