ContourGlobal Celebrates a Decade of Hydropower Excellence
Yerevan, June 12th, 2025 – ContourGlobal, a leading international independent power producer (IPP) and a KKR company, proudly commemorates its 10th anniversary of hydropower operations at the Vorotan Hydro Cascade in Armenia. This significant milestone not only marks a decade of ContourGlobal vital contribution to Armenia’s energy landscape but also celebrates our enduring expertise in hydro technology, which remains an important part of our renewable portfolio currently exceeding 1.5 GW in operation and 1 GW under construction.
The Vorotan Hydro Cascade is composed of three hydropower plants (HPP), comprising the Spandaryan (76 MW), Shamb (171 MW), and Tatev (157.2 MW) plants, for a total of 404 MW installed capacity which is operated and maintained by more than 120 employees. Since its acquisition, in June 2015, the Vorotan Cascade has consistently provided approximately 10% of Armenia’s electricity every year and accounts for roughly 12% of its installed capacity, playing a crucial role in the national grid’s stability and frequency control. The Tatev HPP, the oldest of the Cascade system, also reaches its 55th anniversary this year.
“Ten years ago, our investment in the Vorotan Hydro Cascade underscored ContourGlobal’s commitment to clean, reliable energy generation and marked a pivotal moment in our portfolio’s diversification into renewables,” commented Carlo Zorzoli, Head of Europe and Africa at ContourGlobal. “We are incredibly proud of what we have achieved in Armenia. Our hydropower operations started focusing on clean, renewable energy, and we have invested in a modernization program that allowed our power plants to become a pillar to the country’s energy security and resiliency; by providing much needed ancillary services and flexibility Vorotan Hydro Cascade supported Armenia’s decarbonization efforts allowing significant renewable penetration and built deep-rooted relationships with local communities. This decade of dedicated operation reinforces our expertise in hydro technology, a core component of our mission to deliver ‘The Right Power Forward’.”
A decade of presence in Hydropower
ContourGlobal has built considerable hydropower expertise across various regions throughout its history. While the Vorotan Cascade in Armenia now stands as the only hydro asset in our portfolio we have deep experience in this technology. This is exemplified by our past engagement with Hydro assets in Brazi, where we managed 168 MW of installed capacity, subject to a strategic divestment in 2022 in the context of an asset rotation program.
In Armenia, ContourGlobal has implemented a comprehensive investment program in the Vorotan Hydro Cascade over the last decade, aimed at securing the plant’s long-term performance and resilience, investing close to US$ 80 million in modernization programs. The centerpiece of this effort was the Electromechanical Rehabilitation (EMR) program (US$ 70 million), carried out between 2017 and 2021, which included the full replacement and upgrade of turbines, generators, transformers, control systems, and auxiliary infrastructure. These improvements, alongside subsequent upgrades such as the refurbishment of pressure pipelines and transformer replacements, have enhanced efficiency and water conservation future-proofing the hydro complex for another 30 years of operation. A dedicated investment of US $7.5 million was allocated to a series of critical upgrades following the EMR program, including the replacement of the two main transformers at Shamb, the rehabilitation of the Tatev daily regulating pond (DRP), and the refurbishment of pressure pipelines at both Tatev and Spandaryan. These targeted interventions significantly improved water conservation and enhanced the overall efficiency of the system.
A dedicated celebration with local communities and stakeholders
ContourGlobal’s marked the 10th anniversary of its presence in Armenia with a three-day celebration (June 10–12) honoring a decade of achievements and reaffirming its long-term commitment to the country. The program began in the capital city of Yerevan, where ContourGlobal leaders met with national authorities to reflect on a decade of strategic energy cooperation. The event was also attended by U.S. Ambassador Kristina Kvien, whose presence underscored the importance of the Vorotan investment as a cornerstone of US-Armenia relations in the energy sector. Her participation followed a prior visit to the Vorotan Hydro Cascade in March 2025, where she recognized the site as a strong example of U.S. investment in Armenia. During that visit, she underlined how the collaboration between ContourGlobal and local institutions is helping deliver reliable energy while supporting jobs and regional development.
The Vorotan Hydro Cascade is not just a power plant, but a living symbol of local identity and pride thanks to its strong connection with the Syunik region. That’s why the celebrations shifted to Goris, with the official inauguration of TUMO Box Goris — an extension of the TUMO Center for Creative Technologies, a pioneering free educational initiative founded in Yerevan in 2011. TUMO empowers teenagers with future-ready skills in fields such as design, animation, programming, and digital media. This milestone follows other key initiatives in the region, including the Open Education Center of the American University of Armenia (AUA), further reinforcing a shared commitment to accessible, high-quality education and youth development. In 2024, ContourGlobal Hydro Cascade established an endowed scholarship fund at AUA, designed to support students from Armenia’s regions—particularly Syunik—on a permanent basis. The fund focuses on strategic academic fields such as Engineering, Industrial Engineering, and Business Administration, helping train future professionals for the country’s evolving energy sector.
Over the past decade, ContourGlobal has invested approximately US $700,000 invested in community-based projects, benefiting over 121,500 and reaffirming its connection to local development and social progress.
On the environmental front, the Vorotan Hydro Cascade is located along the Vorotan river, and benefits from the water retention potential of its unique ecosystem, which ContourGlobal contributes to protect. The operations undergo robust water quality and flow monitoring and achieved ISO 14001 (Environmental Protection) and 45001 (Health & Safety) certifications in 2024. In addition to contributing directly to the decarbonization of Armenia’s energy mix, our operations prioritize the protection of local habitats and ContourGlobal also relies on its participation to the United Nations Proteus Partnership for Biodiversity and Nature for constant improvements.
The celebrations concluded on June 12th, at the Tatev Hydropower Plant — the oldest facility in the Vorotan Cascade — which reached 55 years of continuous service since its commissioning in 1970. Employees, their families, community leaders, and company executives gathered to mark this important milestone and to recognize the plant’s recent technological upgrades, including the rehabilitation of the daily regulating pond and the refurbishment of key pressure pipelines — interventions that have significantly improved water conservation and overall operational performance. The event was also a heartfelt tribute to the many colleagues that have been serving this plant for longer.