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Health and beauty clinic leverages its potential through renewable energy

Investor
Avangard Med LLC
Location
Yerevan, Armenia
Investment
Solar PV station
Investment Size
US$ 39,208
Financial results
Payback in 8 years
Energy savings
108 MWh/year
CO2 savings
26,2 tonnes per year
Impact
Decrease of operational costs
Donor
GCF, CIF

Making best use of location and facility to create long-term profitability and reduce carbon footprint

By investing in the in-house solar PV station with 43 kWp capacity, one of the leading health and beauty medical service providers in Armenia, “Avangard Med”, is attempting to maximise its profitability over the long term and becoming a clean energy promoter.

Founded in 2012 by a renowned plastic surgeon Gagik Stamboltsyan, the private medical centre is acknowledged for using technologies and equipment that conform to European standards. Installing a rooftop PV system is in line with the company’s business strategy of making the best use of available technologies and optimising its business capacity, while pursuing opportunities that will create long-term value for the company and exert a multiplier effect in the industry.

The GEFF team has performed the project analysis, assessing the potential energy savings, the financial-technical parameters and the risks.

The US$ 39,208 leasing agreement allows the company to reduce its electricity consumption by 60 MWha equal to 108 MWha primary energy. This means the investment will be repaid through energy savings in 8 years, continuing to generate a profit for many years to follow.

The new equipment has enabled the clinic to reduce its CO2 emissions by 26.2 tonnes per year, thereby contributing towards the mitigation of negative effect on the climate.

“With this investment, Avangard Med is making its small contribution to producing clean energy. We hope many other healthcare institutions will follow us in using solar energy for their electricity needs as a way to combat climate change; we also expect to create long-term value for the institution,” explains the clinic founder and director Dr Stamboltsyan.

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

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