Expanding PV Panel Production for Sustainable Growth in Armenia

LA Solar LLC
Yerevan, Armenia
Assembly kits for 450W PV modules
Investment Size
US$ 1,152,900
Financial results
Payback in 6.4 years
Electricity savings
7 503 MWh per year
CO2 savings
2,543 tonnes per year
Increased production capacity

Scaling Solar PV Panel Production for 5.4 MW Capacity and Averting 2,543 Tons of CO2 Emissions Annually.

In the sun-kissed city of Yerevan, back in 2019, a visionary enterprise emerged – the birth of “LA Solar” LLC. This remarkable company embarked on a journey to craft solar magic, conjuring high-quality PV panels as their forte. With a factory humming to life, it boasted a formidable capacity of 350 MW/year, birthing PV modules with power spanning from 340 W to a dazzling 550 W. Each creation was more than a panel; it was a certified masterpiece, meeting the most modern quality standards, a promise of reliability, and performance reaching high efficiency.

Their meticulous trials ensured that only the finest panels embarked on their global journey, reaching over 40 countries, from the bustling USA to the enchanting EU and the vast expanse of CIS countries.

To further expand their production capabilities, LA Solar is currently in the process of constructing a new plant dedicated to manufacturing aluminum frames for PV panels. Additionally, the company has ambitious plans to introduce innovative “Solar Roof” modules in the upcoming year.

As part of their expansion plans, LA Solar acquired working capital by procuring 12,000 pieces of 450 W PV module assembly kits, through financing from one of GEFF in Armenia partner financial institutions. This strategic move will enable them to produce PV panels with a total capacity of 5.4 MW.

To assess the impact of this investment, an evaluation of the environmental and financial benefits for potential end-users was conducted. Drawing from statistics and similar investments financed by GEFF in Armenia, the average relative energy saving achieved by installing PV stations for own use is approximately 63%. Based on this data, the investment in LA Solar’s PV panels will result in the avoidance of 2,543 tons of CO2 emissions annually. Furthermore, end-users will benefit from significant electricity savings amounting to 7,500 MWh per year, translating to over US$ 900,000 in annual savings.

This wasn’t just a financial boon; it was a tribute to innovation, a salute to sustainability, and a pact with a brighter future.

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