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In a ceremony in Yerevan today, the EBRD and its partners have awarded the best energy efficiency and renewable energy projects financed in Armenia through the Caucasus Sustainable Energy Financing Facility, also known as Energocredit.
The now completed EBRD-led programme, supported by the EU and the government of Austria, provided funds to Armenian banks for on-lending to private sector companies to invest in green technologies to enable a more efficient use of energy. In response to continuing high demand the EBRD has started a new phase of the programme, the Green Economy Financing Facility (GEFF) in Armenia, which was launched during the event today.
The awards ceremony recognised 13 best energy efficiency projects for their contribution to the transition towards a green economy in Armenia and significant reductions of greenhouse gas emissions. Among the winners were a sports centre, Grand Sport, a producer of tights and socks, Lentex, and a confectionary manufacturer, ArmSweet.
Since the launch of Energocredit in 2013, 19 Armenian companies received over €25 million in green financing through seven local banks – Ameriabank, ACBA Leasing, Inecobank, ABCBA, HSBC, Armswissbank, SEF Intrnational. All Energocredit partner banks were also awarded during the ceremony for their continued commitment to financing green energy projects.
GEFF, the new phase of Energocredit, will contribute towards building a green economy in Armenia by supporting the expansion of green finance in accordance with the EBRD Green Economy Transition (GET) approach. GEFF will continue to support businesses investing in green technologies and expand the scope to include investments in water resource efficiency such as efficient irrigation systems.
Since 2006, the EBRD has committed over €26 billion to projects supporting the transition to a green economy across the 38 economies where it currently invests.
Since the start of its operations in Armenia in 1992, the EBRD has invested €1.2 billion in 168 projects in the country’s financial, corporate, infrastructure and energy sectors, with 88 per cent of investments in the private sector.
The winners of the 2019 Energocredit Awards:
Excellent Impact Award presented to:
Change Agent Award presented to: