Development of the Renewable Energies

(Financed by KfW Banking Group)

More detail on GAF-RE Program available under  http://www.gaf-re.am

The overall objective of the Program for the Promotion of Renewable Energies is to contribute to an improved energy supply and to the further development of the private sector in Armenia by the cost-effective utilization of renewable energy sources for electricity production. The Program envisages promoting the utilization of renewable energy, in particular Small Hydro Power Plants (SHPP), by enhancing the access to loans for private entrepreneurs and private enterprises.

On November 24, 2004, EUR 6.0 million loan agreement on "Development of the renewable energies (phase I)" was concluded between KfW Bank and the Central Bank of Armenia. Taking into account the successful course of the first phase of the program, on May 3, 2010 a new loan agreement was concluded between the RA Central Bank and the KfW bank, on disbursing a loan of EUR 18 million within the framework of the "Development of the renewable energies (phase 2)" loan program.

On November 13, 2012, EUR 40.0 million loan agreement on "Development of the renewable energies (phase III)" was concluded between KfW Bank and the Central Bank of Armenia. The third phase of the program will cover financing of a broader frame of projects in the field of renewable energy. Particularly solar, wind and other types of renewable energy project may also be financed.

Partner financial institutions

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swb-eng ashib-logo hsbc-logo
artsakh ameriabank-logo adb-logo
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