Byblos Bank has financed two of Armenia’s largest photovoltaic power plants, which were recently put into operation in the Astghadzor community of Gegharkunik province.
The Bank provided a $5.5 million loan, covering 80% of the total cost of the project, to AS Energy and PromSun, the companies that handled the project.
Speaking about the plants, Vahan Kajayan, Head of Commercial Banking at Byblos Bank Armenia, has said: "This is the first Byblos Bank Armenia-funded project to build solar power plants in Armenia. Today, we can already establish that we have successfully implemented this large-scale and important project for our country."
According to Mr. Kajayan, projects aimed at sustainable energy development, the introduction of renewable energy systems, and energy conservation, would continue to be in the Bank’s radar.
Hovhannes Tevosyan, Head of Development at Optimum Group, has said: “In solar energy, AS Energy and Prom Sintez plants are an ideal combination of the latest technologies and the finest engineering solutions. Such programs serve as a driving force for the sustainable development of Armenian provinces. In addition to the solar power potential, some regions of the country have a significant potential for wind energy production as well. We hope that renewable energy projects will continue to account for a greater share in Armenia’s energy capacity.”
AS Energy and Prom Sintez solar parks, which have a total installed capacity of 10 MW and an annual output of more than 20 million kWh, were constructed by Optimum Group.
Prom Sintez is the first solar station in Gegharkunik province with a built-in artificial intelligence system and a sun-tracking algorithm, which maximize the plant's productivity by over 18%.
The renewable energy project will have a positive impact on the environment. The AI-powered plants will reduce annual carbon dioxide emissions by 4,350 tons, producing enough energy to supply power to about 70 small villages per hour.
The project also makes an important contribution to community development by creating jobs and enhancing local economy. Both during construction and after putting the solar parks into operation, new jobs have and will be created in the Astghadzor community.
