Utility Scale Solar Power Project (WB-P155662)

  • Armenia
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 4.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Mar 13, 2019

Disclosed by Bank Jun 5, 2015

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Project Description

According to bank documents, the power system of Armenia is unbundled and consists of independent electricity generation, transmission, and distribution companies as well as the electric power system operator (EPSO) and the settlement center. It has a“single buyer model” (with one electricity distribution company acting as the single buyer and supplier of electricity) with regulated tariffs for generation, transmission, and distribution. The tariffs are approved by the independent Public Services Regulatory Commission (PSRC).

This project aims to increase privately owned and operated solar electricity generation capacity in Armenia with the following PDO Level Outcome Indicators:

  • Indicator One (Corporate Results Indicator): Generation capacity of energy constructed or rehabilitated (MW).

  • Indicator Two (Custom): Utility-scale solar PV generation added to the grid (GWh).

Investment Description
  • World Bank (WB)
Contact Information

Project Contact: Almudena Mateos Merino
Email Address: amateos@worldbank.org

Project Contact: Arthur Kochnakyan
Email Address: akochnakyan@worldbank.org

Borrower: Ministry of Energy Infrastructures and Natural Resources
Ashot Manukyan, Minister
Telephone No.: +374 11521964
Email Address: minenergy@minenergy.am

Implementing Agency: Renewable Resource and Energy Efficiency Fund
Armen Melkikyan
Tel: +374 10588011
Email Address: armen.melkikyan@r2e2.am


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