EBRD and EU backed fund invest in Armenia’s renewable energy sector

Private equity fund Amber Capital Armenia, supported by the European Bank for Reconstruction and Development (EBRD) and the European Union, has acquired Solis, an Armenian solar plant operator, to build and operate a 4MW photovoltaic (PV) solar power plant in Aragatsotn, western Armenia.

The facility is expected to be operational by the end of 2021 and generate 7.5GWH of clean energy per year, resulting in 3,200 tonnes of avoided CO₂ emissions annually. The power plant will contribute to Armenia’s green recovery and create around 50 jobs in construction and plant operations.

Ecoville LLC, a leader in the development and construction of commercial ground-mounted solar power plants and rooftop PV systems in Armenia, has been awarded the engineering and construction contract for the project in a competitive tender process.

This is the first project financed by EU-Armenia SME Fund, managed by Amber Capital; the private equity fund seeks to invest in viable small and medium sized enterprises (SMEs) in Armenia. Ameriabank provided financing towards this first project.