The international power producer ContourGlobal, of New York, USA, has signed an agreement with the Government of Armenia to acquire the three-plant Vorotan hydropower cascade, with a total capacity of 405 MW, on the Vorotan river in the Syunik region of southern Armenia. Average annual generation from the complex is 1.16 TWh. The acquisition, for a price of US$ 180 million, represents the first US investment in Armenia's energy sector, and the largest single US private investment in Armenia's history. Under the terms of the agreement signed on 29 January, ContourGlobal Hydro Cascade, a wholly owned subsidiary of ContourGlobal, will own and operate the three plants on the Vorotan river, and will supply power to the Armenian grid under a long-term power purchase agreement.
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