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Recycling is Even Greener with Renewable Energy

Investor
Artiki PHK LLC
Location
Shirak region, Armenia
Investment
Solar photovoltaic system
Investment Size
US$ 288,500
Financial results
Payback in 6 years
Energy savings
701 MWh per year
CO2 savings
173 tonnes per year
Impact
Increased cost and energy efficiency
Donor
GCF, CIF

Recycling business creates employment and growth opportunities with solar energy

Artiki PHK LLC is a unique recycling business established in Armenia in 2008. Its primary function is to recycle textiles, importing leftovers from large foreign textile manufacturers, and transforming them into microfibres to be used in pure form or processed into yarn.

To further contribute to its long-term operating efficiency and sustainability and become even more environmentally friendly, the management decided to use its property to establish its energy source through solar energy.

The company invested in a 545.7 kW rooftop solar PV plant with monocrystalline panels, which are very efficient given the climatic harshness of the region with extremely cold winters and hot summers. The company selected the technology from EBRD’s Green Technology Selector, an online catalogue of high-performance technologies, ensuring the most suitable parameters to match the location and meet company needs.

The US$ 288,500 investment will be paid back over six years. It will contribute to a stable reduction of costs and a decrease of 173 tonnes of CO2 emissions annually.

“Today, we are very pleased to “feed” our green operations with green energy: 70% of our production is now conducted with solar energy. We generate about 700 MWh of green energy per year. By making our products cheaper, we become more competitive.”

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

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