Unibank and Stiegen, in cooperation with KfW finance luanched Sun Energy for SMEs, a new loan product.

“In Sunny Armenia there is 1,7 times more light for each square meter than that over Europe on average. It will not be logical to leave that natural wealth without attention,” the bank noted.

The loan is provided for the purchase of solar power stations (PV), water heaters (SWH) and related equipment.

The loan is issued in AMD with the repayment period of up to 120 months and the interest rate – up to 10% annually.

“The demand for solar-energy- based equipment has had a rapid rise in Armenia for the last years. Solar energy here is used both in big and small businesses, as well as in farms and hotels. Our new loan product helps solar energy- an alternative one, as well as SMEs develop cutting down on their expenses on gas and electric-power. What is more, the generated electricity may be sold in case of excess,” said David Petrosyan, Director of corporate business promotion and sales of Unibank.

“The potential of solar power in Armenia is just great, but at present we satisfy only 2-3 % of our demands with this resource. Every business, family, state institution may profit from this technology and do it without initial financial investment. Based on the requirements of our clients and the sales of Stiegen, we may confidently announce that the revolution of solar power that we have been preparing for 8 years, has already started in Armenia. I consider this step of our partner Unibank timely and strategically correct,” said Hayk Shekyan, the founder of Stiegen, an expert in the field of renewable energy.

“Making use of Unibank’s loan, one may purchase a solar power station that will pay itself over 5-7 years. Taking the fact into consideration that the panels are designed for 25-30 years of operation, the benefits for the borrowers are obvious: for another 20-25 years, the owner of a sun-rays-based mini power station will not pay for electricity,” the statement reads.