Small-Scale Deep Greening Initiative 2

Serving up a Green Energy Mix in Armenia

Armenia

Renewable Energy

When Tufenkian Hospitality LLC, a leading hospitality organisation in Armenia, installed solar panels for their hotels in 2017, they realized how beneficial green energy could be, not just for their business, but for the surrounding local community in the Gegharquniq region as well.

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That’s why in 2020, they decided to construct a 5MW solar power plant to contribute to the energy mix in the country, as Armenia is highly reliant on energy imports, with over 75% of imported oil and gas needed to fulfil its energy needs. This makes the development of alternative energy resources so strategically important for the country. “This project was one of the first solar plants ever built in the country,” explains Mr. Albert Antonyan, Financial Director of Tufenkian Hospitality. “We wanted to build a solar plant that would feed energy back into the grid, thereby contributing to a greener Armenia. But the problem was we didn’t have enough capital to do this on our own,” states Antonyan.

That’s where the GGF stepped in. By reaching out to the fund’s partner financial institutions such as ACBA Bank and ACBA Leasing, Tufenkian Hospitality was able to get the support and financing needed to construct the solar park. Completed over the course of 2020, the project is expected to produce more than 12,000 MWh of green energy per year and prevent over 3,800 tons of CO2 emissions. Businesses like Tufenkian Hospitality are trailblazing the uptake of renewable energy sources in Armenia and are supporting the country’s energy independence. By providing businesses with the finance needed to construct solar power plants and other renewable energy sites, the GGF remains unwavering in its mission to mitigate climate change and promote sustainable economic growth throughout the region.

“This project was one of the first solar plants ever built in the country. We wanted to build a solar plant that would feed energy back into the grid, thereby contributing to a greener Armenia”

Albert Antonyan, Financial Director of Tufenkian Hospitality

Partnership with GGF

Businesses like Tufenkian Hospitality are trailblazing the uptake of renewable energy sources in Armenia and are supporting the country’s energy independence. By providing businesses with the finance needed to construct solar power plants and other renewable energy sites, the GGF remains unwavering in its mission to mitigate climate change and promote sustainable economic growth throughout the region.

Want to start your own Green Journey? Then find out how by contacting us today!

Andrii Stoliar
  • Andrii Stoliar
  • +380 44 290 70 88

  • armenia@finance-in-motion.com

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