$26 million worth project to boost development of solar energy in Armenia will commence in a year

$26 million worth project to boost development of solar energy in Armenia will commence in a year

YEREVAN, August 5. / ARKA /. An investment project worth $26 million designed to give a boost to development of solar energy in Armenia will commence in about a year, Tamara Babayan, head of the Renewable Resources and Energy Efficiency Fund of Armenia, told reporters today.

She said the project was approved June 27 by the Climate Investment Funds and will undergo a thorough discussion in September with representatives of the Ministry of Energy and Natural Resources. The program is designed for 5-6 years, she said.

According to her, international experts believe that Armenia has all the favorable conditions for investment in the development of solar energy. 

"The main constraint to the development of solar energy in Armenia is the high cost of projects and high cost of produced electricity. According to the latest calculations, 1 kWh of solar energy would cost about 80 drams,” she said, adding that the new project is meant to cut this cost significantly.

"It is important to develop solar energy in Armenia, primarily because of strategic considerations, as diversification of energy sources will lead to greater energy independence from imported fuel,”  she said.

She also added that from the point of view of environmental safety, solar energy is also a priority area.
"We anticipate that the successful implementation of this project will entail new investments and several solar stations will be built here,” said Babayan. 

According to her, the full implementation of the project ill raise the share of solar energy to 8% of the total energy production.

Armenia’s nuclear power plant in Metsamor accounts for about 30% of the total electricity generated in the country. Some 42 percent are produced by thermal power plants, hydro power plants account for 29.2%. The share of electricity generated by renewable energy sources in 2013 was about 11%. 

The Climate Investment Funds is implementing environmental programs with development banks of different countries to reduce climate changes.  In 2008, 14 donors contributed $6.5 billion to the Funds. The largest donors were the United States, Britain, Japan and Australia. -0 -

16:24 05.08.2014

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