IFC arranges $140 million financing for 404 MW Vorotan hydel complex in Armenia

The International Finance Corporation (IFC) has arranged a $140 million financing package for ContourGlobal Hydro Cascade, a subsidiary of ContourGlobal, an international power generation company, to upgrade the 404 MW Vorotan hydroelectric power complex in Armenia. The complex comprises three hydropower plants and provides 15 per cent of Armenia’s electricity. The package includes a loan of $45 million from IFC, a $65 million loan from FMO, the Dutch development bank, and a $30 million loan from DEG, the German Investment and Development Corporation. Following the upgrade, Vorotan Cascade is expected to generate around 1,150 GW hours of electricity per annum.

GET ACCESS TO OUR ARTICLES

Enter your email address