Yerevan/Mediamax/. First small HPPs, construction of which is financed by “Ameriabank” at the loan means of the International Finance Corporation (IFC), will be put into operation at the end of 2010.

Mediamax reports that General Director of “Ameriabank” Artak Anesyan said this while carrying out examination of construction of one of first HPPs (“Jermuk-2”), funded by the bank at the means of IFC.

Within the framework of the program on financing renewable energy, IFC provided “Ameriabank” a loan at the volume of $15mln, which the bank mainly directs at funding small HPPs.

The credits on IFC program are provided by “Ameriabank” for the term of up to 8 years and at the annual interest rates of 11%.

“Jermuk-2” will be put into operation in December, 2010. The total cost of the project is $3.15mln, $2mln of which is the credit means of “Ameriabank”. “Jermuk-2” HPP crediting was initiated in September, 2009, and continues stage-by-stage.
  
Artak Anesyan informed that “Ameriabank” now credits construction of 12 HPPs at the total sum of $20mln. This year, the bank will direct $25mln to crediting renewable energy, $15mln of which will be the means of IFC, and $10mln – the credit of Dutch-German FMO DEG Consortium.

IFC Regional Head for the Caucasus Thomas Lubeck noted that Armenia has the largest potential for hydropower engineering development in the South Caucasus region. “Development of renewable energy will reduce Armenia’s dependence on import of energy carriers and will reduce atmospheric emissions of hotbed gasses.