19/12/2014 20:29
Heffern: Vorotan Cascade deal biggest US investment in Armenia
When it is signed, the agreement on the sale of Vorotan Hydro Cascade will give a great advantage to Armenia and the United States, the outgoing U.S. Ambassador to Armenia John Heffern said during a press conference today.
In his words, it will become the biggest U.S. investment in Armenia and will help diversify the energy sector.
He stressed that the matter concerns $250 million, $70 million of which will be spent to modernize and equip the Vorotan Hydro Cascade.
The ambassador considered the deal important to Armenia from a strategic point of view, expressing confidence that the agreement will be signed.
As was reported, about a year ago Armenia’s Public Services Regulatory Commission approved the deal on the sale of Vorotan Hydro Cascade to a subsidiary of Contour Global Company, U.S.