YEREVAN. – The new owner of Vorotan Hydro Cascade, the American company ContourGlobal, will assume a loan of 51 million euros from the German bank KfW for re-equipment of the cascade, Energy Minister Yervand Zakharyan said.

He recalled that the cascade was sold at $180 million.

“All 230 workers will keep their jobs. No review of the staff is expected in the coming year,” he assured.

An amended agreement for ContourGlobal to purchase the Vorotan Hydro Cascade was signed at the Armenian government on Monday. The agreement was signed by Armenia’s Energy Minister Yervand Zakharyan, Joseph C. Brandt, ContourGlobal’s President and Chief Executive Officer, representative of ContourGlobal Hydrocascade and ContourGlobal Terra Holdings and Director General of Vorotan Hydro Cascade Sasun Khachatryan.