EBRD assists in modernization of Armenia’s electric power networks

The European Bank for Reconstruction and Development (EBRD) offers Armenia special credits in the amount of up to 15 million US Dollars to assist in the modernization of the country's electric distribution networks.

The announced sum is the second tranche of the initially signed $80 million worth program launched in 2017. The EBRD resources will be used for funding energy efficiency projects (including the modernization of low voltage infrastructures designed to reduce losses and to install of smart calculators).

The proposed measures are expected to increase the efficiency of Armenia's distribution system, lower potential losses and improve the quality of electric power supply by ensuring higher-level oversight mechanisms and lower frequency and duration of electric power cutoffs.

“EBRD is now trying to outline its programs in Armenia for the five years to come, as we obviously know that the energy sector has been and remains a priority trend. Hence our projects will be ongoing. Electric Networks of Armenia (ENA) is a reliable partner for us in the long run - which is really important - as all of the company’s records and standards are in line with the requirement set forth by our bank,” said Jürgen Rigterink, First Vice President and Head of Client Services Group at EBRD.

ENA General Director Karen Harutyunyan thanked the EBRD team for cooperation with the company in an everyday regime "in an effort to accomplish the assigned tasks". ‟Our cooperation with EBRD, as well as the Asian Development Bank can serve as the best example from the standpoint of an effective relationship between the private sector and an international credit institution. I consider our collaborative work with international  banks very effective in terms of both the timeframes and volumes,″ he said.

ENA is Armenia's sole electric power supplier.

EBRD, which has made energy efficiency a leading trend of its current work, is an institutional investor in Armenia with an active engagement in all the sectors of the economy. Since the launch of its activities in 1992, the Bank has invested an estimated €1.36 billion Euros in 178 financial and corporate sector management, infrastructure and energy projects in the country, with 90% of the total investments targeting the private sector.