Armen Melikyan, EDB Director for Armenia, about solar projects

05 April 2023

Yerevan, 5 April 2023. Armen Melikyan, Eurasian Development Bank’s (EDB) Director for Armenia, told about the peculiarities of solar projects in the EAEU+. At a discussion at the Armenia Fusion Solar Day, which brought together representatives of authorities and business circles, Armen Melikyan emphasised the Bank’s contribution to renewable energy.

“The EDB’s operations are guided by the United Nations Sustainable Development Goals and ESG principles. Since 2017, the Bank has extended more than US $650 million in financing for renewable energy projects with a total installed capacity of 600 MW,” he said.

Armen Melikyan also noted that in 2022 the Bank signed a US $21.5 million agreement with the Optimum Energy Group to finance the construction of seven solar power plants in the Gegharkunik and Aragatsotn Regions of Armenia, with a total capacity of up to 35 MW.

“Although we have extensive experience in financing renewable energy projects in our countries, including the flagship wind generation project in Kazakhstan, this is the first time we provide financing for solar power plants in Armenia,” he added.

The Bank is also financing the implementation of international management standards and automated metering systems in Armenia, which are expected to help significantly reduce energy losses and improve energy efficiency. A total of US $30 million was provided to the Tashir Group to this end.

As a leading development institution in the region, the EDB aims to support the project it finances. To lower the interest rate on loans, the Bank may subsidise some projects or finance pre-project work from its Technical Assistance Fund, which is a unique instrument helping to implement projects that are important to the Eurasian region and achieve the member states’ SDGs.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For more than 17 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.

Telegram: @eabr_bank

The EDB Media Centre:

Back to the list