Two largest photovoltaic power plants in Armenia have recently been put into operation in the Astghadzor community of Gegharkunik province. The construction of the plants was financed by Byblos Bank Armenia.

The bank said in a news release that it has provided a $5.5 million loan to AS Energy and PromSun, the companies that handled the project, covering 80% of the total cost of the project.
“This is the first Byblos Bank Armenia-funded project to build solar power plants in Armenia. Today, we can already state that we have successfully implemented this large-scale and important project for our country,” Vahan Kajayan, Head of Commercial Banking, said.

He noted that the bank will continue to focus on the projects aimed at sustainable energy development, the introduction of renewable energy systems, and energy conservation.
“In solar energy, AS Energy and Prom Sintez plants are an ideal combination of the latest technologies and the finest engineering solutions. Such programs serve as a driving force for the sustainable development of Armenian provinces. In addition to the solar power potential, some regions of the country have a significant potential for wind energy production as well. We hope that renewable energy projects will continue to account for a greater share in Armenia’s energy capacity,” Hovhannes Tevosyan, Head of Development at Optimum Group, said.

It is noted that AS Energy and Prom Sintez solar parks, which have a total installed capacity of 10 MW and an annual output of more than 20 million kWh, were constructed by Optimum Group.
Prom Sintez is the first solar station in Gegharkunik province with a built-in artificial intelligence system and a sun-tracking algorithm, which maximize the plant’s productivity by over 18%.
“The renewable energy project will have a positive impact on the environment. The AI-powered plants will reduce annual carbon dioxide emissions by 4,350 tons, producing enough energy to supply power to about 70 small villages per hour.

The project also makes an important contribution to community development by creating jobs and enhancing local economy. Both during construction and after putting the solar parks into operation, new jobs have and will be created in the Astghadzor community,” the bank said in the news release.