Vorotan Hydro Cascade (MIGA-3527)

  • Armenia
Where the impacts of the investment may be experienced.
Specific Location
Vorotan River
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 18, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
To be determined
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 90.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 90.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 8, 2017

Disclosed by Bank Nov 4, 2016

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Project Description
This project provides a risk guarantee to an as yet unidentified lender for the privatization of the brownfield 404.2MW Vorotan Hydro Cascade. MIGA's project will guarantee the lender against risks of transfer restriction, expropriation, war, civil disturbance, and breach of contract. The Vorotan Hydroelectric Cascade comprises 3 existing hydropower plants, as well as associated reservoirs and dams located along the Vorotan River. The plants have been in operation for the last three to four decades and currently represent around 17 percent of Armenia’s overall power production capacity.
Investment Description
This is a joint project between the World Bank Group's Multilateral Investment Guarantee Agency (MIGA), and the International Finance Corporation (IFC). This investment provides a risk guarantee for a non-shareholder loan from a lender to be identified, as well as an associated interest rate swap.

Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/