The landmark sale of Armenia's largest hydroelectric complex to a U.S. energy company, which the Armenian government put on hold a year ago, has been finally completed, according to President Serzh Sarkisian.
Under the takeover agreement signed in Yerevan in January 2014, the New York-based group ContourGlobal was to pay $180 million for the Vorotan Hydro Cascade and invest another US$70m in its modernization. ContourGlobal was thus on course to become the first Western company to gain major assets in Armenia's energy sector dominated by Russian companies, notably Gazprom.
Armenian News
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