ContourGlobal and Ardshinbank together for the Bank’s largest financing transaction in Armenia`s energy system 

ArmInfo. ContourGlobal successfully completes USD 135 million refinancing of a portfolio of three hydropower plants in Armenia. 

• The proceeds will be used to refinance existing debt and to optimize the capital structure in the pursuit of high-performance standards for the 404 MW Vorotan Cascade, which represents around 12% of the Country’s installed capacity. 

• The strategic transaction was recently completed in partnership with Ardshinbank, Armenia’s largest bank. 

ContourGlobal is proud to announce the successful completion of a USD 135 million refinancing of the Vorotan Hydro Cascade – a portfolio of 3 hydropower plants located along the Vorotan River in Armenia - with a combined installed capacity of 404 MW. Operated by a dedicated team of over 120 professionals, the Vorotan Hydro Cascade stands as a cornerstone of Armenia’s renewable energy infrastructure. 

The transaction, completed in partnership with Ardshinbank, Armenia’s largest bank, serves both to refinance existing debt and to optimize capital structure, supporting ContourGlobal’s continued focus on maintaining high standards of performance for this strategic asset for the Country’s power supply. 

In the context of the strengthened energy cooperation between Armenia and the United States, with expanding bilateral frameworks, the agreement concluded between Ardshinbank and ContourGlobal Hydro Cascade reflects this momentum and the shared commitment to develop resilient, clean power infrastructure in Armenia. 

Over the past decade, ContourGlobal has invested more than US$80 million in the modernization of the Vorotan Hydro Cascade, making it a cornerstone of the country’s energy security. Since its acquisition in June 2015, the power plants have consistently delivered around 10% of Armenia’s annual electricity supply and represents approximately 12% of the country’s total installed capacity - playing a critical role in maintaining national grid stability and frequency control. 

This strategic milestone is part of ContourGlobal’s broader financial strategy to optimize its capital structure and channel resources to renewable’s growth. The strong support from Ardshinbank highlights investor confidence in ContourGlobal’s high standard of performance and long-term vision for clean energy development in Armenia. 

The refinancing also comes in a landmark year, as ContourGlobal celebrates the 10th anniversary of its operations in Armenia. Beyond technology upgrades, ContourGlobal has also supported community-based projects benefiting over 120,000 people and strengthened ties with the Syunik region through initiatives in education and youth development. This decade of investment highlights the company’s long-term commitment to Armenia’s energy transition and to the communities where it operates. 

This major deal involves two institutions: one of systemic importance for Armenia’s banking sector and the other of fundamental significance for the entire Armenian economy. This is the largest financing transaction carried out by the Armenia’s banking sector in the Armenia’s energy system. It demonstrates both the capacity of Armenian banks to meet the needs of major American investors in Armenia and the growing potential of the country’s economy.