Contour Global Completes $135 Million Refinancing of Three Vorotan Cascade Hydropower Plant Portfolio through Ardshinbank
07.10.2025,
10:35
The American company Contour Global Hydro Cascade has completed $135 million refinancing of the Vorotan Cascade hydropower plant portfolio through Ardshinbank.
YEREVAN, October 7. /ARKA/. The American company Contour Global Hydro Cascade has completed $135 million refinancing of the Vorotan Cascade hydropower plant portfolio through Ardshinbank.
The corresponding memorandum of cooperation was signed yesterday by Contour Global Hydro Cascade CEO Alvina Abajyan and Ardshinbank Chairman of the Management Board Artak Ananyan. The event was attended by Minister of Economy Gevorg Papoyan, Chairman of the Central Bank of Armenia Martin Galstyan, and US Ambassador to Armenia Kristina Kvien.
According to the Ministry of Economy's press service, the proceeds from the transaction will be used to refinance existing liabilities and optimize the capital structure to improve the operational efficiency of the Vorotan Cascade of Hydroelectric Power Plants (with a capacity of 404 MW, representing approximately 12% of the country's domestic generating capacity).
Welcoming this important initiative, Minister Papoyan noted that this transaction demonstrates the long-term and stable presence of American investment in Armenia and underscores the role of the Vorotan Cascade as a guarantor of energy security.
"This transaction also demonstrates the maturity of our local financial system. The fact that Armenia's largest bank, Ardshinbank, is able to finance a strategic project worth $135 million speaks to the strengthening of our banking sector, its compliance with international standards, and its ability to serve large investors. This is a signal that Armenia is not only open to investment but also has reliable local partners capable of facilitating its implementation," Papoyan emphasized.
About the Vorotan Cascade
In 2016, the American company Contour Global Hydro Cascade closed the acquisition of the Vorotan hydroelectric cascade in southern Armenia. The total value of the agreement was $180 million, making it the largest transaction ever concluded between the United States and Armenia.
The Vorotan Hydroelectric Power Plant Complex consists of three hydroelectric power plants – Tatev, Shamb, and Spandaryan – located on the Vorotan River. Their total installed capacity is 404.2 MW. The cascade, which is of strategic importance for the country's energy sector, accounts for approximately 15% of Armenia's power generation capacity. The cost per kWh of electricity generated by the cascade's power plants is the lowest in Armenia.
About Ardshinbank
Ardshinbank is a leading bank in Armenia, offering diversified universal banking services. At the end of the first half of 2025, Ardshinbank's capital exceeded 386 billion drams, the bank's assets amounted to 2.4 trillion drams (more than 20% of the entire system's assets), and net profit exceeded 68 billion drams. As of June 30, 2025, the bank's loan portfolio amounted to over 1.3 trillion drams. ($1 = 382.58 drams).-0-
The corresponding memorandum of cooperation was signed yesterday by Contour Global Hydro Cascade CEO Alvina Abajyan and Ardshinbank Chairman of the Management Board Artak Ananyan. The event was attended by Minister of Economy Gevorg Papoyan, Chairman of the Central Bank of Armenia Martin Galstyan, and US Ambassador to Armenia Kristina Kvien.
According to the Ministry of Economy's press service, the proceeds from the transaction will be used to refinance existing liabilities and optimize the capital structure to improve the operational efficiency of the Vorotan Cascade of Hydroelectric Power Plants (with a capacity of 404 MW, representing approximately 12% of the country's domestic generating capacity).
Welcoming this important initiative, Minister Papoyan noted that this transaction demonstrates the long-term and stable presence of American investment in Armenia and underscores the role of the Vorotan Cascade as a guarantor of energy security.
"This transaction also demonstrates the maturity of our local financial system. The fact that Armenia's largest bank, Ardshinbank, is able to finance a strategic project worth $135 million speaks to the strengthening of our banking sector, its compliance with international standards, and its ability to serve large investors. This is a signal that Armenia is not only open to investment but also has reliable local partners capable of facilitating its implementation," Papoyan emphasized.
About the Vorotan Cascade
In 2016, the American company Contour Global Hydro Cascade closed the acquisition of the Vorotan hydroelectric cascade in southern Armenia. The total value of the agreement was $180 million, making it the largest transaction ever concluded between the United States and Armenia.
The Vorotan Hydroelectric Power Plant Complex consists of three hydroelectric power plants – Tatev, Shamb, and Spandaryan – located on the Vorotan River. Their total installed capacity is 404.2 MW. The cascade, which is of strategic importance for the country's energy sector, accounts for approximately 15% of Armenia's power generation capacity. The cost per kWh of electricity generated by the cascade's power plants is the lowest in Armenia.
About Ardshinbank
Ardshinbank is a leading bank in Armenia, offering diversified universal banking services. At the end of the first half of 2025, Ardshinbank's capital exceeded 386 billion drams, the bank's assets amounted to 2.4 trillion drams (more than 20% of the entire system's assets), and net profit exceeded 68 billion drams. As of June 30, 2025, the bank's loan portfolio amounted to over 1.3 trillion drams. ($1 = 382.58 drams).-0-
