IFC arranges $140 million in financing to boost clean energy supplies in Armenia

The International Finance Corporation (IFC), a member of the World Bank Group, has arranged a $140 million financing package for the Vorotan hydropower plant, one of Armenia’s main power generating facilities, to bolster the country’s supply of clean energy. The funding will go to ContourGlobal Hydro Cascade, a subsidiary of ContourGlobal, an international power generation company that acquired Vorotan Cascade in 2015. The package includes a loan of $45 million from IFC, and parallel loans of $65 million from the FMO, the Dutch development bank, and $30 million from DEG, the German Investment and Development Corporation. The loans will help ContourGlobal upgrade the 404 MW Vorotan complex. The project is expected to generate around 1,150 GWh of electricity annually and avoid more than 55,000 tonnes of greenhouse gas emissions per year. This financing package also marks IFC’s first debt investment in Armenian infrastructure.