EU NEIGHBOURS. The 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 4 MW photovoltaic (PV) solar power plant in Aragatsotn, western Armenia. This is the first EBRD- and EU-backed fund’s investment in Armenia’s renewable energy sector.
The facility is expected to be operational by the end of 2021 and generate 7.5 GWH 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.
This is the first project financed by the 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.
