The deal on the sale of Vorotan Hydro Cascade will be finalized in the coming days, Deputy Minister of Energy and Natural Resources Ara Simonyan said at the National Assembly during the discussion of the 2014 budget execution.
“The signing of the final deal is expected in the coming 2-3 days,” he said.
According to Simonyan, the Vorotan Cascade badly needs investments, and the government has not received any better proposals.
ContourGlobal and the Government of Armenia announced on January 29, 2014 that they had signed an agreement for ContourGlobal to purchase and modernize the Vorotan Hydro Cascade, a series of three hydroelectric power plants totaling 405 MW on the Vorotan River in southern Armenia, for a purchase price of $180 million USD. The cascade is one of the largest and most flexible power generating facilities in Armenia and the Caucuses.