The Eurasian Development Bank (EDB), an investment firm, provided $37 million in financing for the construction of 11 solar power projects with a total capacity of 65 MW in the Gegharkunik and Aragatsotn Regions of Armenia.

All the projects are scheduled to get commissioned in 2022. The investment will be repaid from payments under electricity sales contracts between the borrower and the Electric Networks of Armenia. Developing renewable energy sources (RES) is a priority of the Armenian government’s energy strategy. RES reduces the country’s dependence on fossil fuels, which are fully imported. The priority of RES and the intentions of Armenia’s government for their development are enshrined in the nation’s 2021–2040 Energy Strategy.

“Today, Armenia’s energy system is based on thermal, nuclear, and hydroelectric power. Natural gas remains the largest source of total energy supply and the main energy carrier in total final consumption. According to our strategy in Armenia, the EDB focuses on distributed solar power projects and the construction and modernization of hydropower facilities. The Bank’s objective until 2026 is to help diversify the country’s sources of electricity generation. In doing so, we not only increase the reliability of the energy system but also significantly improve the environment by reducing carbon emissions,” said Nikolai Podguzov, Chairman of the EDB Management Board.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.

ENCAVIS, an independent power producer, recently secured $48.4 million from Dutch Rabobank to refinance a 74 MW solar portfolio in the Netherlands. All systems have been operational since 2021 and benefit from the Dutch remuneration system SDE+, which provides for a fixed feed-in tariff for around 15 years.