Ardshinbank invests $9,350,000 in renewable energy project

YEREVAN, December 7. /ARKA/. The presentation of new technological innovative solutions powered by solar energy was held on December 6 as part of the Sustainable Agriculture and Energy program, the press service of Ardshinbank reported. It said the project is being implemented by Bari Arev Company with Ardshinbank's funding.

Ardshinbank's Corporate Business Director Artur Gyulazyan said about $9,350,000 were invested in the project.

"The bank provided 85% of the required amount and additionally allocated another 25,000,000 drams as a guarantee. Financing renewable energy projects is one of the bank's priorities. The bank has already invested a total of $30.5 million in 11 solar energy projects. The bank will continue paying special attention to this area. The Republic of Armenia has great potential thanks to its unique geographical and climatic conditions. Such projects are extremely important for ensuring our energy independence and security," Arthur Gyulazyan said in his speech.

"Today, Bari Arev is introducing new innovative capacities, which certainly expand the potential of businesses and farms to use renewable energy sources, significantly reducing costs and providing new opportunities for more efficient, energy-saving and uninterrupted operations," said Hayk Harutyunyan, director of Bari Arev, in his speech.

Bari Arev has been operating in the Armenian market for about 3 years. To date, the company has put into operation 3 solar power plants of industrial scale, each with a capacity of about 6,000 kW. Construction of Bari Arev-1 and Bari Arev-2 stations in Aragatsotn province were financed by Ardshinbank.

Ardshinbank's activities are regulated by the Central Bank of the Republic of Armenia. -0-