PROJECT

Projects

Summary of Investment Information

Project Number

37652

Company Name

CONTOURGLOBAL HYDRO CASCADE CJSC

Date SPI Disclosed

Jun 24, 2016

Country

Armenia

Region

Europe

Projected Board Date

Jul 26, 2016

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Dec 17, 2025

Department

Regional Industry INF LAC & EUR

Industry

Infrastructure

Previous Events

Approved : Oct 14, 2016
Signed : Dec 19, 2016
Invested : Dec 19, 2016

Sector

Large Hydro - Renewable Energy Generation

Project Description

The proposed project involves a US$150 million debt financing package for ContourGlobal Hydro Cascade CJSC (the “Company”, an existing IFC investee company) in Armenia. In July 2015, the Company acquired the 404.2MW Vorotan cascade hydropower generation plants in southern Armenia, including the 76MW Spandaryan (commissioned in 1989), the 171MW Shamb (commissioned in 1979) and the 157.2MW Tatev (commissioned in 1970) plants along the Vorotan River (together, the Vorotan Cascade). The Vorotan Cascade is among the main power generation complexes in Armenia, providing both peak and base load generation, and performing grid stabilization services. The Vorotan Cascade is supported by a system of five reservoirs: Spandaryan, Angeghakot, Tolors, Shamb and a daily regulation reservoir. 

The US$150 million debt financing will include a proposed IFC A Loan and mobilization through an IFC B Loan and/or parallel loans. The purpose of the debt is to primarily finance the second installment of the acquisition and repayment of bridge financing.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation