Armenia, has long relied on imported fossil fuels for its energy needs. However, in light of the global push for clean and renewable energy sources, Armenia is now exploring the untapped potential of wind energy. With favorable geographical conditions and growing international interest, wind power has the potential to transform Armenia’s energy landscape, diversify its energy market, and reduce its dependence on imported resources.
Despite being a clean and inexhaustible source of power, wind energy remains largely untapped in Armenia. In 2020, the country’s installed wind power capacity stood at a mere 7.6 MW, contributing less than 1% to its total electricity generation. However, the Global Wind Energy Council reports a significant growth trend in wind power installations worldwide, driven by advancements in technology, cost reductions, and supportive government policies.
Armenia’s unique geographical location and topography offer favorable conditions for harnessing wind energy. The regions of Aragatsotn, Gegharkunik, and Syunik, characterized by high mountains and plateaus, experience strong and consistent wind flows. A study conducted by the United States Agency for International Development (USAID) estimates that Armenia has a technical wind energy potential of approximately 4,900 MW, capable of generating around 14.3 TWh of electricity annually.
Recognizing the need to diversify its energy mix and reduce dependence on fossil fuels, the Armenian government has taken significant steps to promote renewable energy sources, including wind power. The National Energy Efficiency Action Plan (NEEAP) for 2017-2020 aimed to increase the share of renewable energy in the total energy consumption to 26% by 2020, with a particular focus on wind energy development. Additionally, partnerships with international organizations like the European Bank for Reconstruction and Development (EBRD) have facilitated financing for wind energy projects in Armenia.
This exploration of wind energy potential in Armenia presents a significant opportunity for stakeholders involved in the Green Economy Financing Facility (GEFF) in Armenia. GEFF stakeholders, including banks, businesses, and investors, can benefit from this information by actively participating in the development of wind energy projects. By supporting the expansion of wind power capacity, stakeholders can contribute to Armenia’s energy security, reduce greenhouse gas emissions, and align with the country’s commitments under the Paris Agreement. Furthermore, the diversification of the energy market presents a potential avenue for investment and growth, offering long-term sustainable returns.
In conclusion, the untapped potential of wind energy in Armenia holds promise for a greener and more sustainable future. With favorable conditions, government support, and growing international interest, wind power can transform Armenia’s energy landscape and reduce its dependence on imported fossil fuels. GEFF stakeholders have an opportunity to play a significant role in this transition by supporting wind energy projects, fostering a green economy, and contributing to Armenia’s energy security and environmental goals.
Source: istockphoto