International Finance Corporation (IFC), a member of the World Bank Group, will help ContourGlobal Hydro Cascade U.S. firm acquire, operate, and rehabilitate the Vorotan Hydropower Cascade.

To this end, IFC has acquired a 20% interest in ContourGlobal Hydro Cascade.

Mediamax recalls that on June 8 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.

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 and stressed they are interested in making large-scale investments for the modernization and full operation of the complex.

“We are very pleased to announce the closing of the Vorotan transaction and that IFC will join us as an equity partner,” said Joseph Brandt.

IFC Director for Europe and Central Asia Tomasz Telma said that the private sector participation can play an important role in addressing key infrastructure challenges in Armenia, and this transaction is an important step in that direction.

“The planned rehabilitation of the Vorotan Cascade will help improve access to energy and support Armenia’s energy self-sufficiency,” he said.

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.