RENEWABLE ENERGY PROGRAM SIGNED

YEREVAN, APRIL 7, NOYAN TAPAN. RA Minister of Finance and Economy
Vardan Khachatrian and Director of the World Bank Yerevan Office Roger
Robinson on April 7 signed the Renewable Energy Program approved by
the World Bank. The program’s total cost is 8 mln dollars, 5 mln
dollars of which is a credit provided by the International Development
Association (IDA), and 3 mln dollars is a grant of the Global
Ecological Fund (GEF). The program will be assisted by the Armenian
government for the purpose of enhancing the electricity generation
capacities, which are private property and are operated by the private
sector, by using renewable power-bearing substances, as well as for
reducing carbon dioxide emissions, removing the obstacles to the
development of renewable energy. According to the press service of the
RA Ministry of Finance and Economy, the Renewable Energy Program has
two components: 1) support for elimination of obstacles and assistance
to the program’s implementation, 2) investment financing. The IDA
resources and the grant will be provided to the Renewable Energy and
Energy Saving Fund, which will allocate money to private investors
through a financial intermediary. It is expected that after the
program’s completion, it will help create an extra capacity of about
80 megawatt for generation of renewable energy, adding an annual
amount of 200 gigawatt/hour to the electricity generation
structure. Carbon dioxide emissions are expected to decrease by about
130 thousands tons a year. The program will be co-financed by the
European Bank for Reconstruction and Development (EBRD) that will
allocate 7 mln dollars and the Cafesjian Family Foundation to provide
3 mln dollars. The credit will be given to Armenia on standard terms
of the Interenational Development Association – it is repayable over
40 years with a 10-year grace period.

From: Emil Lazarian | Ararat NewsPress