EDB offers funds for 65 MW of photo voltaic in Armenia

August 5 (Renewables Now) – The Eurasian Improvement Financial institution (EDB) will present as much as USD 37 million (EUR 36.3m) in financing for the development of as much as 65 MW solar energy capability throughout 11 amenities in Armenia.

The financial institution mentioned on Thursday that its administration board chairman Nikolai Podguzov and Hayk Harutyunyan, president of the New Vitality Group, signed the related paperwork in Yerevan.

The solar energy vegetation are situated within the nation’s Gegharkunik and Aragatsotn areas and are all anticipated to return on-line this yr. Electrical energy sale contracts between the borrower and the Electrical Networks of Armenia will function a supply for repaying the funding.

EDB mentioned that the Armenian authorities’s power technique prioritises renewables growth to cut back the nation’s dependence on imported fossil fuels.

“In the present day, Armenia’s power system is predicated on thermal, nuclear and hydroelectric energy. Pure fuel stays the most important supply of whole power provide and the primary power service in whole ultimate consumption,” famous Podguzov.

(USD 1 = EUR 0.982)

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