EBRD celebrates best sustainable energy projects in Armenia

6 energy efficiency and renewable energy projects recognised

– EBRD’s Energocredit, supported by the EU and Austria, awards energy efficiency projects

– 6 energy efficiency and renewable energy performers in Armenia awarded

– Green Economy Financing Facility to continue supporting green technology investments

During the official ceremony in Yerevan today, the EBRD and its partners have awarded the best energy efficiency and renewable energy projects financed in Armenia through the EBRD Energocredit facility.

The EBRD Energocredit facility, that was supported by the EU and the Government of Austria and is nearing its completion, provided funds to Armenian financial institutions for on-lending to private sector companies and to households. The Programme facilitated industrial and residential investments in green technologies enabling a more efficient use of energy in the country.

In response to continuing high demand, the EBRD has started a new phase of the programme in Armenia, the Green Economy Financing Facility (GEFF), which was officially launched on the 19th February 2019 during the Gala event attending by the Senior Government Officials as well as all partner banks and representatives of the European Union Delegation and the EBRD.

The awards ceremony recognised 6 best energy efficiency projects for their contribution to significant reductions of greenhouse gas emissions in Armenia.

Since the launch of Energocredit in 2013, Armenian companies received over €27 million in green financing through seven local banks – Ameriabank, ACBA Leasing CO, Inecobank, ACBA-Credit Agricole Bank, HSBC Bank Armenia, Armswissbank, SEF International. All Energocredit partner banks were also awarded during the ceremony for their continued commitment to financing green energy projects.

GEFF, the new phase of Energocredit, will continue to contribute towards building a green economy in

Armenia. It will further support businesses investing in green technologies including investments in water resource efficiency such as efficient irrigation systems.

The programme will include an EBRD GEFF consultancy services based in Yerevan, co-financed by Green Climate Fund (GCF), working to support Armenian private businesses across the country in securing funding from local banks for industrial energy efficiency and renewable energy investments. In addition, the facility will offer attractive incentives of up to 20 per cent cash back on qualifying investments provided by grant funding from Climate Investment Funds (CIF).

Since 2006, the EBRD has committed over €26 billion to projects supporting the transition to a green economy across the 38 economies where it currently invests.

Since the start of its operations in Armenia in 1992, the EBRD has invested €1.2 billion in 168 projects in the country’s financial, corporate, infrastructure and energy sectors, with 88 per cent of investments in the private sector.

The winners of the 2019 Energocredit Awards:

Excellent Impact Award presented to:

– Armyanksiy Urozhai LLC – watch the case study video.

– Grand Sport LLC – watch the case study video.

– Lentex LLC – watch the case study video.

– Hytex Plastic CJSC – watch the case study video.

– Masis Poultry LLC – watch the case study video.

– Armsweet LLC – watch the case study video.

Change Agent Award presented to:

– Ameriabank CJSC – supporting green investment in a greenhouse

– ACBA Leasing CO CJSC – supporting green investment in renewable energy

– Inecobank CJSC – supporting green investment in the textiles industry

– ACBA-Credit Agricole Bank CJSC – supporting green investment in the residential sector

– HSBC Bank Armenia CJSC – supporting green investment in packaged goods

– Armswissbank CJSC – supporting green investment in the food sector

– SEF International LLC – supporting green investment through microfinance