Countries‎ > ‎Iran‎ > ‎11.02.2014‎ > ‎

Iran studies details of Armenian hydro cascade’s sale to US

Iranian Ambassador to Armenia, Mohammad Reisi, is studying the details of the sale ofArmenia’s Vorotan Hydro Cascade to American company ContourGlobal.

Ambassador Reisi himself told the above-said to Armenian, in response to the query as to whether this deal could impact the energy cooperation between Armenia and Iran.

Iran supplies natural gas to Armenia in return for electricity from Armenia.

On January 29, Energy and Natural Resources Minister of Armenia, Armen Movsisyan, and ContourGlobal’s Executive Vice President and CEO for Eastern Europe & CIS, Garry Levesley, signed an agreement on the sale of the Vorotan Hydro Cascade—which is a series of three hydroelectric power plants—to the US company.

Under the terms of the agreement, ContourGlobal Hydro Cascade, a direct and wholly owned subsidiary of ContourGlobal, will supply power to the Armenian grid under a long-term power purchase agreement. It will also invest US$ 70 million over the next six years in a refurbishment program to modernize the plants and improve their operational performance, safety, reliability, and efficiency.