YEREVAN. – The Contour Global Hydro Cascade (USA) company, after becoming proprietor of the Vorotan Hydropower Plants (HPPs) Cascade of the Republic of Armenia (RA), has already managed to put it up as collateral, reported Chorrord Ishkhanutyun (CI) daily.

“The new owner of Vorotan took this step to be able to pay the first half—90 million [US] dollars—of the price of the HPP.

“According to CI’s information, none of the banks in Armenia was prepared to immediately pay 90 million dollars in return for collateral. So, it was decided to put the HPP up for collateral in three banks (…), in return for 30 million dollars each.

“CI has learned that Contour Global Hydro Cascade has put the Vorotan HPP up for collateral after receiving consent from the RA Public Services Regulatory Commission,” wrote Chorrord Ishkhanutyun.