The European Bank for Reconstruction and Development (EBRD)
and the European Union will support the Armenian government in creating a green
economy, the head of EBRD Yerevan Office Dmitry Gvindadze said on February 19.
Speaking at a ceremony launching the Green Economy Financing
Facility (GEFF), he said the EBRD and the Armenian government consider the main
sources of clean energy as their priorities.
Gvindadze said EBRD's activities in this area are correlated
with the projects approved by the Armenian government, and when developing a
strategy for the country, the Bank will take into account all the priorities
that the government has set.
"We use all our opportunities in Armenia to open
individual credit lines to stimulate the provision of loans to SMEs in the area
of ??energy efficiency," he said. Gvindadze mentioned some major projects,
one of which is the Masrik solar station with a capacity of about 55 MW.
In 2018 the government awarded the construction of the 55MW
Masrik-1 solar power plant
to a consortium comprising Fotowatio Renewable Venture (FRV)
and FSL Solar. Masrik-1 is reportedly the first competitively tendered
independent power project (IPP) in the country.
The 55 MW solar plant is located in Masrik, Gegharkunik
province, eastern Armenia, and will require an investment of $50 million. The
construction of the plant is expected to be accomplished no later than in 2020.
It is projected to annually produce up to 120 million kWh of
electricity. During its 20-year lifespan, the power plant is expected to reduce
nearly one million tons of carbon, as well as create short-term and long-term
jobs in the region.
The project is also expected to improve long-term energy
security in the country by promoting the development of solar resources. The
country's dependency on imported natural gas will also be reduced.
Dmitry Gvindadze said EBRD
supports the Armenian government's idea of economic revolution, and for this
purpose it is mobilizing additional resources to help develop the private
sector, stimulate growth, and provide assistance in the implementation of numerous
programs in the field of green economy.
ADB - Asian Development Bank official: Electric Networks of
Armenia have strategic role in energy sector
Directors of the Central and West Asia, Private Sector Operations,
and Sustainable Development and Climate Change Departments of the Asian
Development Bank (ADB) opened a joint ADB event in Manila, the capital city of
From Armenia, the Electric Networks of Armenia (ENA) Company
was attending this event.
ENA General Director Karen Harutyunyan presented the course
of the ten-year investment program of this company, as well as the prospects
for the ENA's development. He stressed the role and key terms of the ADB and
several other international investment financial institutions, which have a
great part in having a more efficient and reliable electricity grid in Armenia
and contribute to its economic growth.
"Also, exchange of knowhow with the ADB was extremely
important," Harutyunyan noted, in particular.
"The existence of a more efficient and reliable electricity
distribution network is important to the growth of Armenia's economy," ADB
Investment Project Manager Narine Avetisyan noted, for her part. "ENA has a
strategic role in the energy sector, [and] which needs to resolve the key
issues and objectives of the domain. Our cooperation will assist the ENA in the
implementation of the investment program."
Ameriabank receives EBRD award for Greenhouse Investment
Ameriabank has received the Agent of Change award by the
European Bank for Reconstruction and Development for Investment in Greenhouse
Head of Corporate Lending Department at Ameriabank Vahan
Kajayan said they have supported greenhouses engaged in growing flowers,
"We have presence in almost all the provinces and work with
some 10 greenhouses that occupy a combined area of more than 50 ha," Kajayan
said, adding that funds are directed not only to the support of existing
greenhouses, but also to the creation of new ones.
According to him, an agreement on attracting $12.5 million
for energy saving projects has recently been signed.
The Head of Corporate Lending
Department said that the tendency of energy-saving technology development is
observed in Armenia and throughout the world. Technology development makes them
accessible and exciting, especially for Armenia, which has no "not
green" energy resources, he added.
EBRD to back green technology in
Armenia with EUR-2.5m loan
The European Bank for
Reconstruction and Development (EBRD) will extend a EUR-2.5-million (USD 2.8m)
loan to ArmSwissBank CJSC to support power efficiency and renewable energy
investments in Armenia.
Co-financed by the Green Climate
Fund (GCF), the loan will be beneficial to small and medium-sized enterprises
(SMEs) as well as corporations. Under this new Green Economy Financing Facility
(GEFF), funding is specific to investments in green technology, such as thermal
insulation, photovoltaic (PV) solar panels, geothermal heat pumps and water
efficient irrigation systems.
Aside from this, EBRD stated that
companies interested in securing a loan for green technologies may also benefit
from investment incentives funded by the Climate Investment Funds (CIF).
Back in October 2018, Ameriabank
CJSC was awarded a USD 12.5 million (EUR 11m) loan from the European bank also
focused on SMEs and corporate investors.