en

The hospitality sector sustains itself thanks to renewable investments

Investor
Tufenkian Hospitality LLC
Location
Gegharkunik region, Armenia
Investment
Installation of photovoltaic panels
Investment Size
US$ 410,000
Financial results
Payback in 5 year
Electricity savings
874 MWh per year
CO2 savings
257 tonnes per year
Impact
Increased cost-efficiency
Donor
GCF, CIF

The accessibility of clean energy lengthens the operating season

The Avan Marak Tsapatagh Hotel by Tufenkian Hospitality was established in a rural location close to Lake Sevan in the Gegharkunik region in 2003. At that time, the hotel covered its main energy needs using grid electricity and diesel fuel. It also generated a minimal amount of energy using rooftop solar panels that were installed when the business was opened. For the owners, diesel was always the least desirable source of fuel due to the carbon footprint.

The hotel management decided to turn to alternative sources of energy and make use of new technologies. Professional advice and GEFF funding made it possible to build a photovoltaic power plant on the land owned by the hotel. The 500 kW ground-based bifacial PV plant, installed on 2.16 hectares of land next to the hotel premises, not only replaces the need for diesel fuel but also contributes to an annual reduction of 257 tonnes of CO2. In this way, the hotel serves as a role model for regional hospitality businesses and the community. The payback period of just five years makes a strong case for renewable energy investment projects in the region.

“Besides the financial benefit and the environmental advantages of the investment, the social aspect is also very important for us. The catering service used by the hotel mainly serves food and beverages produced locally, so the investment will also create monetary value for the locals during the low season, as these small businesses have no other major client in the region except for the hotel,” affirms Mr Albert Antonyan, the Finance Director.

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

print