Renewable energy has great advantages in Armenia - Tamara Babayan

Armenia Renewable Resources and Energy Efficiency Fund has presented a Scaling-up Renewable Energy Program (SREP) Investment Plan to the Climate Investment Fund.

The plan was worked out and approved by the 17 member-states. Armenia will receive $40m to implement the plan.

Tert.am interviewed Director of the Renewable Resources and Energy Efficiency Fund Tamara Babayan about the priorities and development of renewable energy in Armenia.

Among the priorities is geothermal energy, with a $9m grant intended for that. The World Bank will provide the grant for a feasibility study of the boring in Karkar, Stunik region, and for attracting investments. The next is the construction of solar power stations with a capacity of 40-50MW by inviting bids for investments. A $2m grant will be provided for preparatory work, with a $26m soft loan under the SREP.

Moreover, the World Bank and the Asian Development Bank will provide $30m for stations. Total investments are expected to reach $129m. An additional $3m will be provided under the EBRD program, with local banks involved in it.

Consultations with Armenia’s relevant government agencies, private sector, financial sector and NGOs have been held.

“We presented solutions to facilitate investments and, finding problems, presented them to the government. We elaborated special programs for the government and investors to know the cost of different resources. Solar and renewable energy has great advantages now, and the SREP is expected to cause a five-fold increase in investments.”