Regional production and service in favour of solar energy

Mikinyan LLC
Vanadzor, Lori
Solar water heating system and photovoltaic panels
Investment Size
US$ 25,000
Financial results
Payback in 8 years
Energy savings
38 MWh per year
Electricity savings
34.2 MWh per year
CO2 savings
16 tonnes per year
Reducing energy consumption and energy costs

Regional confectionery brand expends its scale and scope with energy-efficient investments

Located in Vanadzor, the third most populated city in Armenia, Mikinyan LLC was first established in 2014 as a producer of confectionery. In 2016, the growth in market demand prompted the company to expand its production to include a service point and provide catering services in a centrally located cafeteria. For both projects, the owner decided to take full advantage of solar technologies so as to make the business more independent and sustainable in the long run.

The US$ 25,000 investment enabled the company to install solar water heating and energy generation systems with a capacity of 29.7 kW, giving it a proper source of electricity and decreasing total expenditures. The technology was selected from the Green Technology Selector and evaluated by experts for potential energy savings as well as financial gains, and the investment can be paid off in less than eight years.

In addition, the investment has resulted in a reduction of CO2 emissions totalling 16 tonnes per year. The business will therefore not only benefit from decreased energy costs but will also mitigate the negative effects of its business activities on the environment.

“This investment creates value both in the short run and in the long run. We will keep on investing in new technologies to make our business even more effective in various aspects,” asserts Mr Garegin Mikinyan.

With green investments, the EBRD supports the financing and implementation of sustainable energy projects in the private sector. Together, the private, residential and public sectors can make a change in energy consumption patterns and contribute to overall environmental protection.

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