CONTOURGLOBAL HYDRO CASCADE CJSC (FMO-50741)

Countries
  • Armenia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
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
Dec 19, 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.
Borrower
ContourGlobal Hydro Cascade CJSC
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 26, 2018


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Project Description

According to FMO website, the project supports Contour Global’s acquisition and an important rehabilitation program for the next 6 years of the Vorotan hydro complex. Vorotan includes three hydropower plants and contributes to around 15 percent of the country’s electricity generation: these hydros also provide for important grid stability services. The hydro power project is expected to bolster Armenia’s supply of locally-generated renewable energy, considered key with demand for power on the rise. The financing is expected to help generate around 1,150 gigawatt hours of electricity annually, which is enough to provide power to around 450,000 residential customers. The project is also expected to help combat climate change, preventing the release of greenhouse gases (compared to thermal generators).

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism