Armenia, Vorotan Complex of Hydroelectric Power Plants (HPP), Contour Global Hydro Cascade, ContourGlobal Terra Holdings and CG Solutions Global Holding Company signed an amended and supplemented agreement on the purchase of Vorotan Complex of HPP at the Armenian government today.

CG Solutions Global Holding Company CEO Joseph Brandt said he believes the signing of the agreement on the purchase of Vorotan Complex of HPP is unprecedented. He stressed they are interested in making large-scale investements for the modernization and full operation of the complex.

In his turn, Armenian Prime Minister Hovik Abrahamyan also highlited the signing of Trade and Investment Framework Agreement (TIFA) in Washington in May.

After the Armenian government, Vorotan Complex of HPP, Contour Global Hydro Cascade and CG Solutions Global Holding Company signed the agreement on the purchase of the complex in January 2014, no final handover took place and so the transaction did not complete.

Contour Global Hydro Cascade has undertaken to invest roughly USD 70 million in the modernization and repair of the Armenia-based complex in the coming six years.

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

In his exclusive interview to Mediamax in February 2014, Contour Global Hydro Cascade Executive Vice President Garry Levesley told about plans regarding Vorotan Complex modernization.