EU-Armenia SME Fund, a private equity fund managed by Amber Capital and sponsored by the European Bank for Reconstruction and Development (EBRD) and the European Union (EU), has commissioned a 4 MW photovoltaic (PV) solar power plant in Partisak community of Aragatsotn region, Armenia.
The power plant is owned by Solis LLC, which was acquired by the Fund at the end of 2020 as a company holding a license and land plot to construct and operate a solar power station. The construction works were carried out by Ecoville and project financing was provided by Ameriabank.
The total expected annual generation of the power plant is c. 7.8 GWh, which is equivalent to the annual consumption of c. 2,000 Armenian households. As a result of the power plant’s operations, savings on CO2 emissions is c. 3,200 tons per annum – equivalent to planting approximately c. 120,000 trees or taking c. 1000 cars off the roads. During the construction process, approximately 100 jobs were created for the local community, aiding development in rural areas.
In addition to promoting the green agenda of Armenia, the PV plant helps to re-balance the energy matrix of the country, reducing reliance on imported energy sources and positioning the country for an environmental-friendly and sustainable future.
Anushavan Simonyan, CEO of Amber Capital Armenia, said:” Commissioning of our first solar project is an important milestone for the Fund’s investment strategy to create a market-leading renewables portfolio in Armenia with the highest ESG standards. Despite challenging circumstances resulting from the COVID-19 pandemic, the project was completed in less than seven months, with strict adherence to environmental, health, and safety standards. We are very pleased with the results and would like to thank our partners at Ecoville and Ameriabank for a successful collaboration. Renewable energy remains a top priority for Amber Capital, and we will continue investing in this space, helping Armenia to transition toward a low-carbon, vibrant economy.”