ContourGlobal refinances $135 million portfolio of three hydroelectric power plants in Armenia

The signing ceremony of cooperation agreements between Ardshinbank and ContourGlobal took place on October 6, with the participation of the Minister of Economy of the Republic of Armenia Gevorg Papoyan, the Chairman of the Central Bank of Armenia Martin Galstyan and the U.S. Ambassador to Armenia Kristina Kvien.

According to the Ministry of Economy, the documents were signed by Alvina Abajyan, General Director of ContourGlobal Hydro Cascade, and Artak Ananyan, Chairman of the Management Board of Ardshinbank.

The signing marks the successful completion of ContourGlobal’s $135 million refinancing of a portfolio of three hydroelectric power plants in Armenia.

Welcoming this important initiative, Minister of Economy Gevorg Papoyan noted that the deal demonstrates the long-term and stable presence of American investments in Armenia and proves that the Vorotan HPP Cascade serves as a guarantor of the country’s energy security.

Papoyan praised the local financial system, stating: “The fact that Armenia’s largest bank, Ardshinbank, is able to provide $135 million in funding for such a strategic project speaks to its ability to strengthen the banking sector, comply with international standards, and serve large investors. This is a message that Armenia is not only open to investments, but also has strong local partners who can support their implementation.”

According to the source, the funds received from the transaction will be used to refinance existing liabilities and optimize the capital structure, with the goal of increasing the operational efficiency of the Vorotan HPP Cascade (404 MW), which accounts for about 12% of the country’s total electricity generation capacity.