YEREVAN, February 7 /ARKA/. IFC, a member of the World Bank Group, said it has arranged a landmark $140 million financing package for the Vorotan Hydropower Cascade, one of Armenia’s main power generating facilities, to bolster the country’s supply of clean energy.

This is the first major international debt financing package in Armenia’s power sector. The funding will go to ContourGlobal Hydro Cascade, a subsidiary of ContourGlobal, an international power-generation company that acquired the Vorotan Cascade in 2015. The package includes a loan of $45 million for IFC’s own account and parallel loans of $65 million from FMO, the Dutch development bank, and $30 million from DEG, the German Investment and Development Corporation.

The loans will help ContourGlobal upgrade the 404-megawatt Vorotan complex, parts of which are almost four decades old. As a result, the project is expected to generate around 1,150 gigawatt hours of electricity annually and will help combat climate change by preventing the release of more than 55,000 tons of greenhouse gases per year. The financing is expected to boost electricity reliability, providing a steady supply of clean power to additional 60,000 residential customers.

Categories: Economy @en, General news, News, News of the hour, Новости | Comments Off on IFC arranges $140 million in financing to boost clean energy supplies in Armenia

Tags: Armenia, clean energy, financing, IFC, Vorotan Hydropower Cascade

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