Armenia: Receives Grant, Credit To Support Renewable Energy Project
March 30, 2006
Harold Doan and Associates Ltd.
Press Release World Bank
The World Bank today approved a Renewable Energy Project for Armenia. The total amount of the project is US$25.050 million, including a US$5 million International Development Association (IDA) credit, and a US$3 million grant from the Global Environment Facility (GEF). The project will also be supported by co-financing of US$7 million from EBRD, US$3 million from the Cafesjian Family Foundation, and US$7.050 million from the government and local financial institutions.
This project will assist the government to increase privately owned and operated power generation utilizing renewable energy and to reduce greenhouse gas (carbon dioxide) emissions by overcoming barriers to the development of renewable energy.
[...]
“The project will increase the role of renewable resources in Armenia’s electricity generation mix in the future thereby increasing the diversification of electricity supply and energy security,”- said Gevorg Sargsyan, Head of the World Bank team designing the project. “It will also generate environmental benefits by reducing emissions and pollution.”
[...]
By the time of completion, the project is expected to contribute to the development of about 80MW of additional renewable energy generation capacity, adding 200GWh annual renewable generation to the electricity generation mix. In addition, carbon dioxide emissions are expected to be lowered by around 130,000 tons annually.
The Credit will be made to Armenia on standard IDA terms, including 40 years maturity and a 10-year grace period.
Since joining the World Bank in 1992 and IDA in 1993, the commitments to Armenia total approximately US $921 million for 42 operations.
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.
Harold Doan and Associates Ltd.
Press Release World Bank
The World Bank today approved a Renewable Energy Project for Armenia. The total amount of the project is US$25.050 million, including a US$5 million International Development Association (IDA) credit, and a US$3 million grant from the Global Environment Facility (GEF). The project will also be supported by co-financing of US$7 million from EBRD, US$3 million from the Cafesjian Family Foundation, and US$7.050 million from the government and local financial institutions.
This project will assist the government to increase privately owned and operated power generation utilizing renewable energy and to reduce greenhouse gas (carbon dioxide) emissions by overcoming barriers to the development of renewable energy.
[...]
“The project will increase the role of renewable resources in Armenia’s electricity generation mix in the future thereby increasing the diversification of electricity supply and energy security,”- said Gevorg Sargsyan, Head of the World Bank team designing the project. “It will also generate environmental benefits by reducing emissions and pollution.”
[...]
By the time of completion, the project is expected to contribute to the development of about 80MW of additional renewable energy generation capacity, adding 200GWh annual renewable generation to the electricity generation mix. In addition, carbon dioxide emissions are expected to be lowered by around 130,000 tons annually.
The Credit will be made to Armenia on standard IDA terms, including 40 years maturity and a 10-year grace period.
Since joining the World Bank in 1992 and IDA in 1993, the commitments to Armenia total approximately US $921 million for 42 operations.
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.
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