The Eurasian Development Bank (EDB) will provide up to US $37 million to finance the construction of 11 solar power plants with a total capacity of up to 65 MW in the Gegharkunik and Aragatsotn Regions of Armenia.
The relevant documents were signed in Yerevan by Nikolai Podguzov, Chairman of the EDB Management Board, and Hayk Harutyunyan, President of the New Energy Group.
All the facilities are scheduled to be commissioned this year. The investment will be repaid from payments under electricity sales contracts between the borrower and the Electric Networks of Armenia.
Developing renewable energy sources (RES) is a priority of the Armenian government’s energy strategy. RES reduce the country’s dependence on fossil fuels, which are fully imported. The priority of RES and the intentions of Armenia’s government for their development are enshrined in the nation’s 2021–2040 Energy Strategy.
The EDB-funded implementation of automated metering systems is an important step that will help to significantly reduce electricity losses and improve energy efficiency. The project will boost production capacity to 100,000 units per year and create up to 300 jobs.