YEREVAN. – The Government of Armenia will renew the contract with the American Contour Global company, which is represented in the country by its subsidiary. 

The respective decision was made at Thursday’s Cabinet session.

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In particular, the American investors’ obligations will be clarified with respect to repayment of the outstanding debt from the €51 million loan that was received from the German government-owned KfW Development Bank, and which was approved prior to the privatization of Vorotan Cascade of hydropower plants of Armenia. 

In August 2015, Armenia and Contour Global announced about the completion of the business deal toward acquiring the assets of Vorotan Cascade, for $180 million.