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Artyom Torosyan PE was established in 2008 in Ararat, Armenia, to produce fish for local consumption.
To stay competitive and meet the market demand, the company expanded its production thanks to the installation of aerators, which enrich the water with oxygen and help improve the quality of fish. Aerators require more energy, leading to higher electricity consumption and cost.
Thus, the logical step for the PE was to invest in its own source of energy, a 329.2 kW Solar PV plant for one of its production sites, to help cover the increase in cost and ensure the production site sustainability in the long term. The investment was financed by a partner financial institution of GEFF in Armenia. The US$ 142,000 solar PV plant will generate 470 MW of energy annually, saving almost one third of energy costs, reducing CO2 emissions by 119 tonnes a year with a payback period of as little as 4 years.
“By improving the quality of our production and producing our own energy, we increased our competitiveness in the market. Support from GEFF in Armenia helped us do so”, stated the Private Entrepreneur Artyom Torosyan.
This project was supported by the Green Climate Fund (GCF) and Climate Investment Funds (CIF).