Q1 2019: More Improvement in Energy Efficiency in Armenia
06 Apr, 2019

- Certain activity recorded in Armenia in terms of solar energy

- Armenia reaches wind energy cooperation agreement with Germany

- EU and International Finance Institutions step up cooperation for energy efficiency measures in Armenia

- EBRD to back green technology in Armenia with EUR-2.5m loan

Certain activity is recorded in Armenia in terms of solar energy, Prime Minister Nikol Pashinyan said in the National Assembly on March.

There are several major projects in this area, PM said, adding that renewable energy, including solar energy projects, have to be developed in the villages.

"However, we 'have to develop not only this direction, but work on getting thermal energy as well," he added.

Meantime, acting Minister and First Deputy Minister of Energy Infrastructures and Natural Resources of Armenia, Garegin Baghramyan, was in Germany on a four day working visit.

The objective of this trip was to develop energy policy, especially a strategy for renewable energy, for Armenia.

In Germany, Baghramyan met, in particular, with Bundestag MPs as well as representatives from the Federal Ministry for Economic Affairs and Energy, Konrad Adenauer Foundation, United Nations Industrial Development Organization, and the latter's Investment and Technology Promotion Office.

During his talks, Baghramyan presented the prospects for the development of the energy policy of, and investment projects in, Armenia.

Also, respective know how as well as information materials were exchanged. 

In addition, a collaboration agreement on renewable energy, especially on wind energy, was reached with Germany.

Note also that Lawrence Meredith, Director for Neighbourhood East at the European Commission and leading International Financing Institutions (IFIs) are on a joint mission in Yerevan to discuss policy priorities and sustainable investment solutions for energy efficiency in buildings, both public and private.

Senior EU and IFI representatives met with key government Ministers and sector experts to discuss the potential to scale up investments in energy efficiency in buildings, as well as the necessary reforms.

Speaking on behalf of the EU, European Commission Director responsible for relations with Armenia, Lawrence Meredith said: "In Armenia, buildings consume up to 40% of total energy, which has a significant impact on Armenian families' budgets and the environment. Together with the main financing institutions, we are here to discuss with the new Armenian government where mobilizing our support would significantly improve energy efficiency in buildings and, ultimately, the living standards of people."

Lionel Rapaille, EIB, Head of Division, Eastern Neighborhood, commented: "The EU bank, in cooperation with the European Commission and partner financing institutions, supports projects in Armenia contributing to the improvement of everyday life of citizens. Increase of energy efficiency of buildings is important for the wellbeing of people, energy and cost savings, as well as combatting climate change. There is a significant potential for energy performance improvements in Armenia."

The joint mission is part of wider EU and partner IFI efforts to increase support for energy efficiency policies and investments in buildings in the EU's enlargement and neighbourhood regions. The initiative aims to move away from individual energy efficiency projects to a comprehensive approach that supports concrete policy actions and scales up sustainable investments. After concluding the mission and dialogue with the Armenian government, the European Commission together IFIs will identify priority areas for support of energy efficiency measures in public and private buildings.

The participating institutions are the European Commission, the European Investment Bank (EIB), The European Bank for Reconstruction and Development (EBRD), the International Monetary Fund (IMF), the World Bank (WB), International Finance Corporation (IFC), KfW Development Bank (KfW), Agence Francaise de Developpement (AFD), and Asian Development Bank (ADB).

In addition, 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).

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