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Armenian supermarket harnesses solar power for sustainable growth

Investor
Geghetskuhi Anahit LLC
Location
Tsovagyugh, Gegharkunik province, Armenia
Investment
Installation of photovoltaic panels
Investment Size
US$ 132,790
Financial results
Payback in 5 year
Electricity savings
350 MWh per year
CO2 savings
153 tonnes per year
Impact
Reducing energy consumption and energy costs
Donor
GCF, CIF

Green investment helps the retailer keep prices low

Armenian supermarket installed solar panels to cut its energy costs, deliver better prices for its customers and benefit the environment.

Geghetskuhi Anahit LLC established the largest supermarket and food-court of Gegharkunik region in 2014.  Located on a major touristic highway connecting east to west, the business benefits from many visitors and a high number of sunny days each year. With a financing opportunity enabled by financial partners, the owner decided to take full advantage of solar technologies and make the business more independent and sustainable in the long run.

The company invested US$ 132,790 to install rooftop solar energy generation systems with a capacity of 250 kW, providing a reliable source of electricity and decreasing total energy expenditures. The equipment was chosen from the Green Technology Selector and evaluated by experts to determine potential energy savings and financial gains; the investment can be paid off within five years.

In addition, the investment has resulted in a reduction of CO2 emissions totalling 153 tonnes per year. The business will therefore not only benefit from decreased energy costs but will also mitigate the negative effects of its activities on the environment.

“With our location on a highway that is active year-round and property with high sun exposure, it would be a mistake to miss out on the benefits of green financing from GEFF,” asserts the director, Taron Minasyan.

This project was supported by the Green Climate Fund (GCF) and Climate Investment Funds (CIF).

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