Contract with US company is signed but not yet sealed – Vorotan Hydro Cascade of

YEREVAN. – The contract with the American ContourGlobal company is signed, but it is not yet sealed.

Armenia’s Vorotan Cascade HPP Company Director of Finance Aram Melkumyan told the aforesaid to reporters on Wednesday.

“The business deal is not yet completed, the talks continue,” he stated. 

To the query on whether the American side may decline from privatizing the cascade, Melkumyan responded: “I’ve not heard of such a thing. Our task is to have the cascade operate in good faith.” 

The Vorotan Hydro Cascade comprises three electric power plants. The Government of Armenia was the 100-percent shareholder of the Vorotan Hydroelectric Power Plant. On November 27, 2013, the Public Services Regulatory Commission of Armenia had confirmed the deal to sell the Vorotan Hydro Cascade to the American ContourGlobal company, and for $180 million.