Project detail - CONTOURGLOBAL HYDRO CASCADE CJSC

CONTOURGLOBAL HYDRO CASCADE CJSC

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Who is our client

ContourGlobal Hydro Cascade CJSC is a subsidiary of ContourGlobal, an international power-generation company with approximately 4,200 MW in operations in 19 countries and on three continents. ContourGlobal’s 2,000 employees operate a portfolio of 691 thermal and renewable power plants utilizing a wide-range of technologies. In 2015 the company acquired the 404-MW Vorotan Cascade, one of the country’s main power generating facilities.

Funding objective

The project supports Contour Global’s acquisition and an important rehabilitation program for the next 6 years of the Vorotan hydro complex. Vorotan includes three hydropower plants and contributes to around 15 percent of the country’s electricity generation: these hydros also provide for important grid stability services.

Why we fund this project

The hydro power project is expected to bolster Armenia’s supply of locally-generated renewable energy, considered key with demand for power on the rise. The financing is expected to help generate around 1,150 gigawatt hours of electricity annually, which is enough to provide power to around 450,000 residential customers. The project is also expected to help combat climate change, preventing the release of greenhouse gases (compared to thermal generators).

Region
Europe & Central Asia
Country
Armenia
Sector
Energy
Signing date
12/19/2016
Total FMO financing
USD 65.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+