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Established in 2012 and located in the central Kotayk region of Armenia, this cultivator of roses is already one of the world’s five largest greenhouses using heating and irrigation technology of its kind.
The company decided to invest in energy efficient heating and irrigation systems in order to increase the productivity and decrease the total expenditures.
The service providing team performed the project analysis, assessed the potential of energy savings, as well as financial-technical parameters.
The US$ 1.8 million investment allowed the company to reduce the energy consumption by 25-30% per year, resulting in the annual costs savings of US$ 600,000. This means the investment will pay off by energy savings in less than 3.5 years, continuing to generate profit for many years to follow.
The new equipment led to a reduction of the CO2 emissions by approximately 25% per year, making a valuable input not only towards cutting costs and making the business more profitable but also by mitigating negative effects of human activity on nature.
“With this long-term investment, the company is now considering the strategic steps for growing the business”, gives hope the founder, Mr. Markos Gharibyan.
With green investments, EBRD supports the sustainable financing and implementation of sustainable energy projects by the private sector. Together, the private, residential and public sectors can make a change in energy consumption patterns and contribute to environmental protection.
This project was supported by the EU and Austrian Federal Ministry of Finance.