EBRD & EU To Finance Armenian Solar Power Plant

• Amber Capital Armenia has acquired local power plant operator Solis that plans to build a 4 MW solar project in the country
• The project will be located in Aragatsotn region, and will be set up by EPC contractor Ecoville LLC
• On completion by the end of 2021, the 4 MW project is likely to generate 7.5 GWh clean energy annually

Armenian private equity fund Amber Capital Armenia has acquired a local solar plant operator Solis that's set to build and operate a 4 MW PV project. The fund is backed by the European Bank for Reconstruction and Development (EBRD) and European Union (EU) and it is the fund's 1^st investment in Armenian renewable energy sector through EU-Armenia SME Fund. This maiden project is financed by Ameriabank.

The 4 MW PV plant will be located in the Aragatsotn region in western part of the country, and is scheduled to start commercial operations by the end of 2021. It is expected to generate 7.5 GWh clean energy annually once online.

It will be built by EPC contractor Ecoville LLC that won the contract under a competitive tender process. The company builds commercial ground mounted solar power plants and rooftop PV systems in Armenia.

"Increasing the production of clean energy is an important step in reducing carbon emissions in Armenia and addressing climate change. This is yet another step in boosting the solar capacity of the country," EBRD Head of Armenia, Dimitri Gvindadze.

In December 2020, China's Risen Energy announced supplying its PERC bifacial double glass modules for a 5.2 MW DC solar power project in Armenia, calling it the country's 1^st large scale solar farm connected to the grid (see Risen Bifacial Modules For 1^st PV Plant In Armenia).