Armenian hydro plant gets EBRD backing
July 29 2005
Press Release - European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development is lending €1.1 million to an Armenian mini-hydroelectricity project that will bring the country one step closer to achieving its goal of obtaining 70 per cent of its energy from renewable sources, particularly hydropower. Bazenc CJSC, an Armenian company set up in 2000 to run a small hydropower plant on the Yeghegis River, will use the loan to install a second turbine which, while only working for three summer months, will increase the company’s total electricity production by 23 per cent.
[...] The electricity will be sold to the Armenian government, under guarantees lasting until 2016, at prices negotiated once a year. [...].
[...]
The EBRD is also supporting Bazenc in acquiring a Clean Development Mechanism (CDM) status for its mini-hydro projects under the Kyoto Protocol on reducing greenhouse gas emissions and limiting global warming. [...]. If Bazenc gets CDM status, it will be the first such mini-hydro project in Armenia to be able to sell carbon credits. This will help sustainability of the project, as carbon credits will be paid for in hard currency. The Bank also expects to demonstrate that Armenian small-scale renewable energy projects can benefit from the international emissions trading market.
The Bank identified Bazenc while conducting a survey for potential CDM projects in the Caucasus and central Asia in 2004. [...].
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
Press Release - European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development is lending €1.1 million to an Armenian mini-hydroelectricity project that will bring the country one step closer to achieving its goal of obtaining 70 per cent of its energy from renewable sources, particularly hydropower. Bazenc CJSC, an Armenian company set up in 2000 to run a small hydropower plant on the Yeghegis River, will use the loan to install a second turbine which, while only working for three summer months, will increase the company’s total electricity production by 23 per cent.
[...] The electricity will be sold to the Armenian government, under guarantees lasting until 2016, at prices negotiated once a year. [...].
[...]
The EBRD is also supporting Bazenc in acquiring a Clean Development Mechanism (CDM) status for its mini-hydro projects under the Kyoto Protocol on reducing greenhouse gas emissions and limiting global warming. [...]. If Bazenc gets CDM status, it will be the first such mini-hydro project in Armenia to be able to sell carbon credits. This will help sustainability of the project, as carbon credits will be paid for in hard currency. The Bank also expects to demonstrate that Armenian small-scale renewable energy projects can benefit from the international emissions trading market.
The Bank identified Bazenc while conducting a survey for potential CDM projects in the Caucasus and central Asia in 2004. [...].
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
posted by Vahe Balabanian at 7:06 AM
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