Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Armenia
Location: Syunik
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • International Finance Corporation (IFC)
Status: Active
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-10-14
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: CONTOURGLOBAL HYDRO CASCADE CJSC
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Hydropower
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 52.90 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IFC website
Updated in EWS: 2017-08-08
Disclosure Date: 2016-06-24
Vorotan Debt
IFC-37652

Project Description
This project finances the acquisition of the 404MW Vorotan hydropower cascade from the Government of Armenia, as well as a major electro-mechanical rehabilitation program required as a condition of the privatization process. No significant construction work is anticipated.
Investment Description
The proposed debt financing is US$150 million, of which IFC’s investment is expected to consist of an IFC A Loan of up to US$35 million to the Company for IFC’s own account. IFC will arrange additional funding amounting to US$115 million in the form of B Loan and/or parallel loans.
Contact Information
Ara Hovsepyan Chief Executive Officer ContourGlobal Hydro Cascade CJSC 2/2 Melik Adamyan str., Yerevan, Armenia, 0010 Telephone: +374 93 000-311 Email: mailto:ara.hovsepyan@contourglobal.com ACCOUNTABILITY MECHANISM OF IFC/MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/
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