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IFC to loan 140 million USD to Armenia for investment in hydropower plant

Xinhua, February 8, 2017 Adjust font size:

The International Finance Corporation (IFC), a member of the World Bank Group, plans to provide 140 million U.S. dollars loan to Armenia for upgrading the Vorotan hydropower plant, Armenpress reported on Tuesday.

The transaction is set to be the largest such deal in the energy sector between Armenia and an international financial organization.

The funds have been provided by the energy company Contour Global Hydro Cascade CJSC, a subsidiary of Contour Global, that purchased the Vorotan Cascade hydropower plant in Armenia in 2015.

The financial package includes 45 million dollars from IFC resources, 65 million dollars from the German KfW Bank, and another 30 million dollars from the German Investment and Development Corporation (DEG).

The granted credit will enable Contour Global to renovate the 40-year old Vorotan Cascade HPP that has the capacity of 404 MW. The planned upgrade of the hydropower plant foresees a total capacity of 1150 MW resulting in less dependence from climatic changes and reduced carbon emissions by 55 thousand tons annually.

Vorotan Cascade HPP comprises of three hydroelectric plants that provide for 15% of Armenia's capacity of electricity generation.

Armenia has been a member of IFC since 1995. Endite