More opportunities to expand the business with energy efficient solutions
With the help of leasing services provided with GEFF funding, the “Vordi Erik” company was able to respond to increasing costs, generate additional profit, and also contribute to the promotion of energy savings in Kotayk region of Armenia.
The company, established in 2009 and located in Charentsavan, is in the restaurant business and tries to expand its activities. Currently, the business owns 4 floor restaurant. The location is used by guests to host various events and offers traditional Armenian and European cuisine. The restaurant is becoming increasingly popular and so the company wants to expand as well as improve its cost management and reduce energy usage. After considering different options for reducing energy consumption, the owner of the company opted to install a modern solar photovoltaic system.
The GEFF in Armenia project team assessed the client’s investment plan and the energy-saving potential of the intended acquisition. At the same time, the financial and technical parameters of the investment were analysed in order to ensure that they met the eligibility requirements for financing. The investment of US$ 20,000 enabled the company to install a rooftop 25 kW solar photovoltaic panel system. The completed project resulted in the reduction of energy consumption amounting to 37 MWh per year. The overall investment costs will be repaid out of energy savings within seven years. This will allow the client to generate additional profit and will positively contribute to the planned expansion of the restaurant business. The client’s choice to invest in solar energy resulted in a reduction of CO2 emissions totaling 16 tonnes per year. The business benefited not only from the reduction of energy costs, but also mitigated the negative effects of its activity on the climate.
“At first glance, our project may seem relatively small, but we believe that we have found a very good way to reduce our costs and at the same time increase our profit. We see it as a first step and we will definitely consider the same solution in future expansion activities”, said the director of the company.