EBRD leads $6m green finance package for Armenia

PV Magazine

Private sector businesses will be offered concessional loans to install solar and other climate change related equipment.

Max Hall

The nation had just 95 MW of solar at the end of 2020, according to IRENA estimates.

Graphic made using FreeVectorMaps.com content, by Max Hall for pv magazine

The London-based development lender announced the move yesterday in a press release which suggested it would top up the “up to $1.5 million” of concessional-rate loans being offered to the country by the UN's Green Climate Fund.

The private-sector loan package will be distributed by Armenian lender Inecobank, in which the EBRD holds a 22.7% stake.

The International Renewable Energy Agency (IRENA) has estimated there was just 95 MW of grid-connected solar generation capacity in Armenia at the turn of the year.

The EBRD yesterday said it had invested more than €1.5 billion in 187 projects in Armenia to date.

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS