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IFC to Help Armenia Enhance Power Grid and Renewable Energy Sources


In Yerevan:                                                
Anna Dira
Phone: +37410 545242                
E-mail:
ADira@ifc.org
       
In Tbilisi:
Tamar Barbakadze
Phone: +995 32 23 00 00/01/02
E-mail:
TBarbakadze@ifc.org


Yerevan, Armenia, May 19, 2011—IFC, a member of the World Bank Group, and the Ministry of Energy and Natural Resources of Armenia signed a cooperation agreement today to increase the efficiency of Armenia’s energy system by introducing new renewable energy sources.

The Armenian government’s forward-looking energy strategy has led to a significant increase in the number of small hydropower plants and renewable energy generators in Armenia. However, there is a need to ensure the reliability and secure operations of the national power grid. IFC Armenia Sustainable Energy Finance Project will help Armenia develop reliability indicators based on the best international practices and adapted to the domestic power system. Reliability indicators will set basic technical normative requirements to securely operate the power system in standard and emergency situations.


“IFC is helping the Ministry develop reliability indicators that will not only significantly enhance the security of the power system, but also better integrate new renewable energy capacities into the overall system,” said Tigran Parvanyan, IFC Armenia Sustainable Energy Finance Project Manager.


IFC Armenia Sustainable Energy Finance Project is designed to establish a sustainable market for energy efficiency and renewable energy investments and contribute to the energy self-sufficiency of Armenia. The project, launched in January 2010, is implemented with financial support from the Austrian Ministry of Finance. It is part of a broader IFC initiative in Europe and Central Asia to help companies and governments become more resource efficient and stimulate investment into renewable energy.


Since Armenia became a member of IFC in 1995, IFC has invested $110 million in 24 projects across industries, including financial markets, general manufacturing, and mining. IFC Advisory Services provide advice through projects focusing on the financial sector, sustainable energy, and investment climate regulatory simplification.


About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org.

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To learn more about the Austrian Ministry of Finance,
visit
http://english.bmf.gv.at.