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GREEN ENERGY GETS A BOOST IN ARMENIA
EurofundingMag, France
May 23 2006
EBRD lends $7 million for renewables projects.
The European Bank for Reconstruction and Development (the Bank)
will lend up to $7 million to Cascade Credit, a universal credit
organisation registered in Armenia, for investments in small mini-hydro
power generation projects and other competitive renewable energy
projects.
The EBRD funds will be combined with $5 million from the World Bank
and a $3 million equity investment from Cascade Credit's owner, the
Cafesjian Family Foundation. The Foundation was founded by Gerard
Cafesjian, an American entrepreneur of Armenian descent, to promote
the well-being of Armenians and to foster economic development in
Armenia. The $15 million total will be used to capitalise a programme
to provide long-term debt financing to developers of renewable energy
projects-- primarily mini-hydro generation, but potentially wind and
biomass as well. The project will also benefit from $3 million in grant
funding from the Global Environment Facility for technical assistance.
The project reflects two of the Bank's main priorities: commitment
to renewable energy resources and investment in "Early Transition
Countries" (ETC) the Bank's least economically developed countries of
operation. The Bank will continue to support creditworthy renewable
energy and energy efficiency projects in Armenia and other ETC
countries, EBRD President Jean Lemierre said at the signing. The Early
Transition Countries initiative was launched in 2004 to stimulate
market activity in the Bank's poorest countries of operations by
using a streamlined approach to financing more and smaller projects.
Additional renewable energy supply should reduce Armenian dependence
on imported fuel used for power generation, thereby increasing
the country's energy security. The project will also offer Armenian
developers the opportunity to benefit from the international emissions
trading market. "We are delighted to cooperate with the EBRD on
bringing more alternative energy supplies to Armenia" said Garegin
Gevorgyan, Executive Director of Cascade Credit.
The EBRD aims to promote environmentally sound and sustainable
development in the full range of its activities. One of the Bank's
objectives is to improve environmental performance of the power sector,
including supporting actions to address the climate change issue. The
Bank's active pursuit of renewable energy projects such as Armenia's
is part of this broader objective.
EurofundingMag, France
May 23 2006
EBRD lends $7 million for renewables projects.
The European Bank for Reconstruction and Development (the Bank)
will lend up to $7 million to Cascade Credit, a universal credit
organisation registered in Armenia, for investments in small mini-hydro
power generation projects and other competitive renewable energy
projects.
The EBRD funds will be combined with $5 million from the World Bank
and a $3 million equity investment from Cascade Credit's owner, the
Cafesjian Family Foundation. The Foundation was founded by Gerard
Cafesjian, an American entrepreneur of Armenian descent, to promote
the well-being of Armenians and to foster economic development in
Armenia. The $15 million total will be used to capitalise a programme
to provide long-term debt financing to developers of renewable energy
projects-- primarily mini-hydro generation, but potentially wind and
biomass as well. The project will also benefit from $3 million in grant
funding from the Global Environment Facility for technical assistance.
The project reflects two of the Bank's main priorities: commitment
to renewable energy resources and investment in "Early Transition
Countries" (ETC) the Bank's least economically developed countries of
operation. The Bank will continue to support creditworthy renewable
energy and energy efficiency projects in Armenia and other ETC
countries, EBRD President Jean Lemierre said at the signing. The Early
Transition Countries initiative was launched in 2004 to stimulate
market activity in the Bank's poorest countries of operations by
using a streamlined approach to financing more and smaller projects.
Additional renewable energy supply should reduce Armenian dependence
on imported fuel used for power generation, thereby increasing
the country's energy security. The project will also offer Armenian
developers the opportunity to benefit from the international emissions
trading market. "We are delighted to cooperate with the EBRD on
bringing more alternative energy supplies to Armenia" said Garegin
Gevorgyan, Executive Director of Cascade Credit.
The EBRD aims to promote environmentally sound and sustainable
development in the full range of its activities. One of the Bank's
objectives is to improve environmental performance of the power sector,
including supporting actions to address the climate change issue. The
Bank's active pursuit of renewable energy projects such as Armenia's
is part of this broader objective.