EDB provides funds for 65 MW of solar in Armenia

The Eurasian Development Bank (EDB) will provide up to USD 37 million (EUR 36.3m) in financing for the construction of up to 65 MW solar power capacity across 11 facilities in Armenia.

The bank said on Thursday that its management board chairman Nikolai Podguzov and Hayk Harutyunyan, president of the New Energy Group, signed the relevant documents in Yerevan.

The solar power plants are located in the country’s Gegharkunik and Aragatsotn regions and are all expected to come online this year. Electricity sale contracts between the borrower and the Electric Networks of Armenia will serve as a source for repaying the investment.

EDB said that the Armenian government’s energy strategy prioritises renewables development to reduce the country’s dependence on imported fossil fuels.

“Today, Armenia’s energy system is based on thermal, nuclear and hydroelectric power. Natural gas remains the largest source of total energy supply and the main energy carrier in total final consumption,” noted Podguzov.

(USD 1 = EUR 0.982)

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