ContourGlobal has completed the acquisition of the Vorotan hydroelectric facility – a series of three individual power plants with a total electrical capacity of 405 MW on the Vorotan River in southern Armenia – in the largest single US private investment in Armenia’s history.

Announcing the acquisition, the firm also revealed that the International Finance Corporation (IFC), a member of the World Bank Group, had acquired a 20% interest in ContourGlobal Hydro Cascade to help acquire, operate, and rehabilitate the Vorotan Hydropower Cascade.

Under the terms of the agreement with the Republic of Armenia, ContourGlobal Hydro Cascade will own and operate the three hydroelectric facilities located on the Vorotan River and will supply power to the Armenian grid under a long-term power purchase agreement. ContourGlobal will invest more than Euro 50 million over the next six years in a refurbishment program to modernize the plants and improve their operational performance, safety, reliability and efficiency, creating approximately 150 near-term jobs in addition to the 150 long-term technicians employed at the plants.