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The Eurasian Development Bank (EDB) will contribute up to US$37 million in order to help finance the building of 11 solar projects in Armenia's Gegharkunik and Aragatsotn regions, which will have a combined capacity of up to 65 MW.
The energy policy of the Armenian government places a high priority on the research and development of renewable energy sources. Renewable energy sources lessen the nation's reliance on fossil fuels, all of which are brought in from outside the country.
All the facilities are scheduled to be commissioned this year. The return on investment will come from payments made to Electric Networks of Armenia in accordance with contracts for the sale of power between the borrower and another party.
