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Levon Zurabyan: Vorotan Cascade power plant was privatized via breaking the legislation

  • by Ashot Safaryan

  • Monday, February 3, 14:50

 Vorotan Cascade power plant was privatized via breaking the legislation, the head of the Armenian National Congress parliamentary faction, Levon Zurabyan, said at today's session of the parliament.    

He also added that the government of Armenia had no right to sell such an important strategic facility without preliminary coordination with the parliament. "Against the background of the talks about raising of the authority of the parliament, such actions of the government and connivance of the great majority of the parliament cause at least bewilderment", - Zurabyan said. 

To recall, on 29 January the Government of the Republic of Armenia, Vorotan Cascade of Hydroelectric Power Plants CJSC, and CG Solutions Global Holding Company LLC have signed an estate sale and purchase agreement.  Under the terms of the agreement, over the next 6 years ContourGlobal will invest $70 million in a refurbishment program to modernize the Vorotan hydroelectric plants, according to capital investments and expenditure plan submitted in advance, which will be discussed and agreed on with the Public Services Regulatory Commission. The latter has also confirmed the tariff plan, according to which the company will ensure the continuous and uninterrupted operation of Vorotan Cascade of Hydroelectric Power Plants in the next 25 years. 

ContourGlobal is a New York based power-generation company with approximately 3500 MW in operations in 17 countries and on four continents. ContourGlobal's 1650 employees manage, own and operate a portfolio of 33 power plants utilizing a wide range of fuel types and technologies including renewable energy production based upon Hydro, wind, solar and biomass, as well as an extensive fleet of conventionally powered thermal power plants. In the wider Eastern Europe area, ContourGlobal currently owns and operates approximately 1100 MW of power generation businesses in Bulgaria, Ukraine, Romania, and Poland. Vorotan Cascade Of Hydroelectric Power Plants will become one of Europe's largest deals, totaling $180 million.

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