CONTOURGLOBAL HYDRO CASCADE CJSC
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
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.
What is our 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 do we fund this investment?
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).
More investments
| Date | Total FMO financing |
|---|---|
| 9/30/2024 | USD 65.00 MLN |
- Region
- Europe & Central Asia
- Country
- Armenia
- Sector
- Energy
- Effective date
- 12/19/2016
- Total FMO financing
- USD 65.00 MLN
- Funding
- FMO NV
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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+