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"CASCADE CREDIT" TO START IMPLEMENTING PROGRAM OF RENEWABLE ENERGY PROJECT CREDITING
Yerevan, June 15. ArmInfo. "Cascade Credit" crediting institution
will start implementing a program on crediting of renewable energy
projects starting from July 2006, "Cascade Credit" Executive Director
Garegin Gevorgyan said at a press conference, Thursday.
He said the program costs $15 million, including $7 million allocated
by EBRD, $5 million by WB. The remaining $3 million are invested by
Gafesjian Family, the owner of "Cascade Credit." In addition, World
Environment Protection Program will provide a $3 million grant as a
technical assistance to the program. G. Gevorgyan said the credits
will be provided mainly for construction of small 10 megawatt capacity
HPPs for 8 years and a 2 year grace period. He said the credit will
not exceed one million dollars and 70% of the total expenses. The
annual interest rate is 8-9% on the six-month rate LIBOR+. Given
the urgency of the projects in Armenia, he said "Cascade Credit"
cooperates with authors of 25 of 48 projects submitted recently.
Yerevan, June 15. ArmInfo. "Cascade Credit" crediting institution
will start implementing a program on crediting of renewable energy
projects starting from July 2006, "Cascade Credit" Executive Director
Garegin Gevorgyan said at a press conference, Thursday.
He said the program costs $15 million, including $7 million allocated
by EBRD, $5 million by WB. The remaining $3 million are invested by
Gafesjian Family, the owner of "Cascade Credit." In addition, World
Environment Protection Program will provide a $3 million grant as a
technical assistance to the program. G. Gevorgyan said the credits
will be provided mainly for construction of small 10 megawatt capacity
HPPs for 8 years and a 2 year grace period. He said the credit will
not exceed one million dollars and 70% of the total expenses. The
annual interest rate is 8-9% on the six-month rate LIBOR+. Given
the urgency of the projects in Armenia, he said "Cascade Credit"
cooperates with authors of 25 of 48 projects submitted recently.