ContourGlobal and Ardshinbank together for the Bank’s largest financing transaction in Armenia's energy system
YEREVAN, October 7. /ARKA/. ContourGlobal is proud to announce the successful completion of a USD 135 million refinancing of the Vorotan Hydro Cascade – a portfolio of 3 hydropower plants located along the Vorotan River in Armenia - with a combined installed capacity of 404 MW. Operated by a dedicated team of over 120 professionals, the Vorotan Hydro Cascade stands as a cornerstone of Armenia’s renewable energy infrastructure.
The transaction, completed in partnership with Ardshinbank, Armenia’s largest bank, serves both to refinance existing debt and to optimize capital structure, supporting ContourGlobal’s continued focus on maintaining high standards of performance for this strategic asset for the Country’s power supply.
In the context of the strengthened energy cooperation between Armenia and the United States, with expanding bilateral frameworks, the agreement concluded between Ardshinbank and ContourGlobal Hydro Cascade reflects this momentum and the shared commitment to develop resilient, clean power infrastructure in Armenia.
Over the past decade, ContourGlobal has invested more than US$80 million in the modernization of the Vorotan Hydro Cascade, making it a cornerstone of the country’s energy security. Since its acquisition in June 2015, the power plants have consistently delivered around 10% of Armenia’s annual electricity supply and represents approximately 12% of the country’s total installed capacity - playing a critical role in maintaining national grid stability and frequency control.
This strategic milestone is part of ContourGlobal’s broader financial strategy to optimize its capital structure and channel resources to renewable’s growth. The strong support from Ardshinbank highlights investor confidence in ContourGlobal’s high standard of performance and long-term vision for clean energy development in Armenia.
The refinancing also comes in a landmark year, as ContourGlobal celebrates the 10th anniversary of its operations in Armenia. Beyond technology upgrades, ContourGlobal has also supported community-based projects benefiting over 120,000 people and strengthened ties with the Syunik region through initiatives in education and youth development. This decade of investment highlights the company’s long-term commitment to Armenia’s energy transition and to the communities where it operates.
This major deal involves two institutions: one of systemic importance for Armenia’s banking sector and the other of fundamental significance for the entire Armenian economy. This is the largest financing transaction carried out by the Armenia’s banking sector in the Armenia’s energy system. It demonstrates both the capacity of Armenian banks to meet the needs of major American investors in Armenia and the growing potential of the country’s economy.
About ContourGlobal
ContourGlobal, a KKR Company, led by CEO Antonio Cammisecra, is an established Independent Power Producer (IPP) developing, acquiring and operating electricity generation and storage assets worldwide. The company currently manages 5.3 GW of installed capacity across different power generation technologies and asset categories, with an additional 1 GW of renewables under construction and a further 9.8 GW under development. The operational footprint of the company extends to 18 countries across Europe, Africa, Asia, North and South America. The company has committed to speed up the decarbonization of its portfolio with a sustainable transition of its thermal fleet, the repowering of existing renewable assets and the organic development of new renewable projects. ContourGlobal boasts 20 years of a strong collaboration with communities, institutions and customers that benefit from its electricity supply through long-term contracts or innovative PPAs, coupled with energy management solutions.
About Ardshinbank
Ardshinbank is Armenia’s leading bank. It provides a wide range of universal banking services, offering solutions in retail, corporate, investment, as well as private banking and asset management. Ardshinbank serves around 570,000 clients with the support of more than 2,300 employees. The Bank operates a powerful multi-channel service and sales platform, including 72 branches, along with comprehensive mobile and online banking systems.
Ardshinbank has the largest branch network in the country, as well as a representative office in Paris. It is the only Armenian company rated by all three of the world’s leading rating agencies: Standard & Poor's (BB- (Stable)), Moody’s (Ba3 (Stable)), and Fitch (BB- (Stable)). Ardshinbank’s rating is equal to that of the Republic of Armenia itself, which represents the highest possible assessment for a private institution in the country.
Bank is regulated by the Central Bank of the Republic of Armenia.
