This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Vorotan Hydros (IFC-33450)

Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
CONTOURGLOBAL HYDRO CASCADE CJSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 23.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 22, 2017

Disclosed by Bank Feb 10, 2014

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
The proposed project entails the acquisition, operation, maintenance and major electro-mechanical rehabilitation of the 404.2MW Vorotan cascade of hydropower plants (HPPs) along the Vorotan River (together, the “Vorotan Cascade”) in southern Armenia (the “project”), including the following: --76MW Spandaryan HPP, Spandaryan Dam (Embankment type, Mixed Rockfill & Earthfill, 83m dam height), plus Angeghakot Reservoir, commissioned in 1989; --171MW Shamb HPP, Tolors Dam (Embankment type, Sandy gravel Soil, 70m dam height), commissioned in 1979; and --157.2MW Tatev HPP, Tatev Dam (Embankment type, Sandy gravel, 41m dam height), plus Daily Regulation Reservoir, commissioned in 1970.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.
Contour Global Hydro Cascade CJSC owns and operates hydroelectric facilities. The company is based in Armenia. Contour Global Hydro Cascade CJSC operates as a subsidiary of ContourGlobal LLC. ContourGlobal LLC currently owns over 30 power generation plants in 17 countries around the world, totaling approximately 3.5 GW of installed capacity and projects under construction. These include thermal (fueled by natural gas, diesel, fuel oil and coal), wind, solar, and hydro types of power generation. ContourGlobal also owns and operates small captive energy generation facilities on-site for commercial beverage bottling companies worldwide. ContourGlobal is a privately-held company that was founded in 2005 by its Chief Executive Officer Joseph Brandt and Reservoir Capital Group, LLC, a New-York based investment firm with over US$6 billion in assets under management.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Contour Global Hydro Cascade CJSC Client -
- - - - Contour Global LLC Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
No project team contacts provided at the time of disclosure. ACCOUNTABILITY MECHANISM OF IFC 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/

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