Tigran Parvanyan, Project Manager of Armenia Sustainable Energy Finance Project (ASEFP)of the International Financial Corporation (IFC), said that implementation of ASEFP will allow to record 120 GWh/year increase in renewable energy generation in Armenia through client investments by 2015.

The project has kicked off in January 2010 and will last until 2013. During this period, IFC will provide consultations and financial assistance to Armenia for the development of renewable energy and energy efficiency, Parvanyan said in Yerevan on February 28.

Besides, the expected impact of the project is as follows: 35 MW new renewable power generation capacity installed by 2015 through client investments; 70,000 tons GHG emissions avoided per year; 20GWh annual energy savings.

“The project aims to form a sustainable market for investments in the field of renewable energy and energy efficiency,” said Parvanyan.

He added that on March 10-12 Yerevan will host an exhibition on energy efficiency, during which modern energy efficient technologies and equipment will be presented.