YEREVAN, February 19. /ARKA/. 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. -0-