Solar energy enabling the regional retail growth

Ashkhen Antonyan PE
Kotayk, Armenia
Photovoltaic panels
Investment Size
US$ 11,700
Financial results
Payback in 7 years
Energy savings
23.9 MWh/year
CO2 savings
10.5 tonnes per year
Reducing of energy consumption and costs optimisation
EU, Austrian Federal Ministry of Finance

A single-store regional retailer is reducing its energy costs through the benefits of solar power

Located in the small town of Charentsavan (20,500 inhabitants) in Armenia, Ashkhen Antonyan PE was established in 2014. This unique retailer of household goods and clothing decided to put its rooftop to good use to generate energy for its heating and cooling needs.

The US$ 11,700 investment enabled the company to install a solar energy generation system with a capacity of 16.32 kW as a means of having a proper source of electricity and decreasing total expenditures. The service team analysed the project and assessed the potential energy savings as well as the financial and technical parameters. The energy savings will make it possible for the investment to be paid off in less than seven years and will continue to generate profit in the years to follow.

The investment will result in a reduction of CO2 emissions totaling 10.5 tonnes per year. The business has not only benefited from the reduction of energy costs, but has also mitigated the negative effects of its business activities on the climate.

“With this investment, we hope to cover all of the business’s electricity needs and at the same time showcase to our citizens and other companies that there are new ways of generating profit and keeping up with the latest innovations,” asserts Ms. Antonyan.

With green investments, the EBRD supports the sustainable 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 EU and Austrian Federal Ministry of Finance.