ContourGlobal is buying a group of three power plants in Armenia for $180 million.
The assets make up the Vorotan Hydro Cascade. In addition to the purchase price, Contour has also committed to providing $70 million for modernization.
New York-based power plant operator Contour says the deal is the largest U.S. private investment in Armenia’s history, as well as the first U.S. investment in the country’s energy sector.
Under the terms of the deal, Contour subsidiary ContourGlobal Hydro Cascade will own and operate the assets. Contour already owns power generation plants in Bulgaria, Ukraine, Romania and Poland.