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World Bank Allocates $8 Million for Renewable Energy Project in Arme

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  • World Bank Allocates $8 Million for Renewable Energy Project in Arme

    AZG Armenian Daily #059, 01/04/2006

    Economy

    WORLD BANK ALLOCATES $ 8 MILLION FOR RENEWABLE ENERGY PROJECT IN
    ARMENIA

    The World Bank approved the renewable energy project for Armenia,
    yesterday. $ 8 million will be allocated for implementation of
    the project. The allocation includes $5 million donated by the WB
    International Development Company and $ 3 million given by the Global
    ecology Fund. Roger Robinson, head of the WB Yerevan office, stated
    about this at the March 30 press conferences. It is expected that other
    donors, including the European Bank for Restoration and Development
    and Kafeschian Family Fund will allocate additional $10 million.

    The Renewable Energy Project is aimed to utilize less dangerous
    energy sources, securing higher level of energy safety. The
    project consists of two integral parts, i.e. overcoming obstacles
    and financing investments. The financial sources will be allocated
    to the Renewable Energy Fund. On its turn, he fund will finance the
    private investors. The experts expect that the implementation of
    the project will secure 80 mega watts of capacity every year. This
    will help grow annual production of electricity by 200 watts per
    hour. Robinson stated that the committee of public services approved
    quite an acceptable tariff that will help secure much bigger volume
    of renewable energy in 20-30.

    Particularly, the minor HPPs will have to pay 4,5 cents for electricity
    proceeded from wind and bio resources.

    By Ara Martirosian
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