Renewable Energy Progress in Armenia
01 Nov, 2018

- Pashinyan is confident renewable energy will develop soon in Armenia with new pace.

- China National Electric Engineering Company (CNEEC) sees prospects for development of renewable energy in Armenia.

- EBRD gave US$ 12.5 million as loan to Ameriabank to benefit Green businesses and opportunities.

- Energy Week Armenia 2018 - The high-level platform to discuss new opportunities for the renewable energy in Armenia.

It's ruled out that no sector will develop in Armenia in the next five years due to energy deficit, acting Prime Minister Nikol Pashinyan said during a session in the Parliament, expressing confidence that the renewable, alternative energy is going to develop with a new pace.

Lawmaker Sergey Bagratyan said attraction of investments is one of the most important factors for economic development. He asked the acting PM whether enough actions are being taken to attract investments in the economy and etc.

"We are very careful to these issues. Especially in the field of energy we believe that it is necessary to move forward with convinced steps. If we move on a direction and it turns out that it is wrong, it will bring major damages. There are some issues in the energy sector. The first one is the further development of nuclear energy, and the second one is the energy cooperation prospects with Iran, the third one - the energy cooperation prospects with Georgia, and the fourth one - the real volumes of technological investments in our country. It's very important to assess the potential demand of our energy in our country", Pashinyan said.

He stated that relying on the previous calculations is not enough. Pashinyan said these calculations were made in the previous logic of the economy's structure. Now he sees need for a new approach in a new logic, taking into account the foreign political strategy.

"Energy is a major sector which should be able not only to ensure the normal development of economy, but to serve the foreign policy, foreign economic ties. We are trying to move forward in this sector with right steps. I agree that there is a great prospect for development of renewable, alternative energy in Armenia. I am convinced that it will develop soon with a new pace", the acting PM said.

He added that the mining industry develops all over the world, including in Armenia. The feature of it is the great volume of energy demand. "And all our calculations show that the energy power we are developing will satisfy us", the acting PM noted.

On the other side, small businesses in Armenia will have more opportunities to invest in green technology thanks to a US$ 12.5 million loan the EBRD is providing to Ameriabank for on-lending to small and medium-sized enterprises (SMEs) and corporates for green investments, reports Armenpress.

The loan is co-financed by the EBRD and the Green Climate Fund (GCF), the largest international climate fund created in 2010 under the United Nations Framework Convention on Climate Change. GCF supports low-emission and climate-resilient programmes in developing countries.

The funds to Ameriabank are being provided under the EBRD Green Economy Financing Facility (GEFF), a framework to help businesses invest in climate adaptation and mitigation technologies, which also help to improve their productivity and reduce costs.

Companies interested in small-scale renewable energy projects may also benefit from investment incentives funded by the Strategic Climate Fund (SCF) through the Scaling-Up Renewable Energy Programme (SREP). The GEFF includes a comprehensive technical advisory package, co-financed by the Austrian Federal Ministry of Finance and the GCF, which helps originate and verify green investment opportunities.

Ameriabank is one of the leading banks in Armenia and has cooperated with the Bank since 2010, providing financing to SMEs, energy efficiency projects under the Caucasus Energy Efficiency Programme (CEEP), women-led businesses under the EBRD's Women in Business programme and to local entrepreneurs under the Bank's Trade Facilitation Programme. Ameriabank is well positioned to reach SMEs, corporates, technology suppliers, producers, vendors and installers that could benefit from green technologies.

The GEFF will contribute towards building a green economy in Armenia by supporting the expansion of green finance in accordance with the EBRD Green Economy Transition (GET) approach. Possible investments include technologies that boost the sustainable use of energy and water resources such as thermal insulation, photovoltaic solar panels, geothermal heat pumps, energy efficient boilers and water efficient irrigation systems. Businesses can identify typical green technologies available in Armenia through the GEFF Technology Selector.

Since the start of its operations in Armenia in 1992, the EBRD has invested Euro 1.2 billion in 168 projects in the country's financial, corporate, infrastructure and energy sectors, with 88 per cent of investments in the private sector.

Since 2006, the EBRD has committed over Euro 26 billion to projects furthering the transition to the green economy across its 38 markets of operations.

Chineese penetration; Strengthening mutually beneficial ties will open up broad opportunities for the implementation of major programs of mutual interest, said on Friday the representatives of the China National Electric Engineering Company (CNEEC) at a meeting with the acting Minister of Energy Infrastructures and Natural Resources of Armenia Garegin Baghramyan.

According to Armenian Energy Ministry, the parties discussed infrastructure programs, as well as the possibility of implementing new investment projects and highlighted the importance of the prospects of joint projects in the field of renewable energy sources.

The sides expressed their willingness to do their best to implement the planned programs in the shortest possible period of time.

The acting Minister presented information on the infrastructures of the country's energy system in need of modernization and reconstruction.

The head of the delegation and CNEEC Vice- president, Zheng Chengjun, attached great importance to the desire of the governments of Armenia and China to deepen trade and economic relations, which will contribute to the economic development of the two countries.

Finally, Armenian energy society are waiting the upcoming and important event in the region about energy field; Energy Week Armenia 2018 is organized by Armenia Renewable Resources and Energy Efficiency Fund (R2E2) and Invest In Network, under the auspices of the Government of RA to demonstrate prospects of the country's energy sector and to unlock the potential of international cooperation. It will serve as a high-level platform to discuss new opportunities as well as challenges faced by the energy sector of Armenia. Energy Week Armenia aims also to work with national stakeholders and the private sector in order to boost large-scale investment and financing for energy.


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