Renewable Energy Project

Abstract*

The Armenia Renewable Energy Project aims to increase the privately owned and operated power generation using renewable energy. The project global objective is to reduce greenhouse gas (carbon dioxide) emissions by overcoming barriers to the development of renewable energy. There are two project components. Component A assists in removing barriers and supporting project implementation, by improving the legal and regulatory framework, capacity building... Show More

Development Objective

The Project Development Objective is to increase privately owned and operated power generation utilizing renewable energy.

Key Details

Project Details

Project ID
P083352
Status
Closed
Team Leader
Gevorg Sargsyan
Borrower 2
N/A

Country
Armenia
Disclosure Date
January 3, 2005
Approval Date
(as of board presentation)
March 29, 2006
Effective Date
August 4, 2006

Total Project Cost 1
US$ 25.05 million
Implementing Agency
N/A
Region
Europe and Central Asia
Fiscal Year 3
2006

Commitment Amount
US$ 12.00 million
Environmental Category
F
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2011

Last Stage Reached
BANK APPROVED
Last Update Date
January 15, 2013

Associated Projects
P090058

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change67%
- FY17 - Mitigation67%

FY17 - Finance

FY17 - Financial Stability17%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring17%

FY17 - Private Sector Development

FY17 - Business Enabling Environment16%
- FY17 - Investment and Business Climate16%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
European Bank for Reconstruction and Development	7.00
GLOBAL ENVIRONMENT - Associated IDA Fund	3.00
Borrower/Recipient	0.45
IDA Credit	5.00
Sub-borrower(s)	6.60
Borrowing Country's Fin. Intermediary/ies	3.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	5.00
IBRD + IDA Commitment	5.00

Lending Instrument
Grant Amount	7.00
Total Project Cost**	25.05

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

No data available.

Detailed Financial Activity as of July 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
May 15, 2024	IDA-41590	Loan Repay	242.56
Nov 15, 2023	IDA-41590	Loan Repay	43,514.71
Nov 15, 2023	IDA-41590	Int Charges	767.88
Nov 15, 2023	IDA-41590	Int Charges	30,923.96
Nov 15, 2023	IDA-41590	Int Charges	13,870.33
Nov 15, 2023	IDA-41590	Int Charges	13,870.33
May 15, 2023	IDA-41590	Int Charges	14,206.04
May 15, 2023	IDA-41590	Int Charges	14,206.04
May 15, 2023	IDA-41590	Int Charges	31,423.08
May 15, 2020	IDA-41590	Int Charges	93.01
May 15, 2020	IDA-41590	Loan Repay	44,598.68
May 15, 2020	IDA-41590	Int Charges	15,386.53
May 15, 2020	IDA-41590	Int Charges	15,386.53
May 15, 2020	IDA-41590	Int Charges	34,876.18
Nov 15, 2021	IDA-41590	Int Charges	15,383.48
Nov 15, 2021	IDA-41590	Int Charges	15,383.48
Nov 15, 2021	IDA-41590	Int Charges	439.48
Nov 15, 2021	IDA-41590	Int Charges	439.48
Nov 15, 2021	IDA-41590	Loan Repay	46,092.75
May 15, 2021	IDA-41590	Int Charges	15,480.20
May 15, 2023	IDA-41590	Int Charges	934.93
May 15, 2023	IDA-41590	Int Charges	934.93
May 15, 2023	IDA-41590	Loan Repay	44,049.80
Nov 15, 2022	IDA-41590	Loan Repay	2,118.88
Nov 15, 2022	IDA-41590	Loan Repay	41,055.28
Nov 15, 2022	IDA-41590	Int Charges	13,169.24
Nov 15, 2022	IDA-41590	Int Charges	13,169.24
Nov 15, 2017	IDA-41590	Int Charges	1,545.32
Nov 15, 2017	IDA-41590	Loan Repay	46,355.54
Nov 15, 2017	IDA-41590	Int Charges	16,861.86
Nov 15, 2017	IDA-41590	Int Charges	16,861.86
Nov 15, 2017	IDA-41590	Int Charges	38,220.14
Nov 15, 2019	IDA-41590	Loan Repay	708.00
Nov 15, 2019	IDA-41590	Loan Repay	44,386.74
Nov 15, 2019	IDA-41590	Int Charges	15,726.79
Nov 15, 2019	IDA-41590	Int Charges	15,726.79
Nov 15, 2019	IDA-41590	Int Charges	35,553.36
May 15, 2019	IDA-41590	Loan Repay	1,492.87
May 15, 2019	IDA-41590	Loan Repay	43,858.41
May 15, 2019	IDA-41590	Int Charges	36,235.68
May 15, 2019	IDA-41590	Int Charges	15,986.31
May 15, 2019	IDA-41590	Int Charges	15,986.31
Nov 15, 2018	IDA-41590	Int Charges	16,148.71
Nov 15, 2018	IDA-41590	Int Charges	16,148.71
Nov 15, 2018	IDA-41590	Int Charges	36,603.70
May 15, 2021	IDA-41590	Int Charges	15,480.20
May 15, 2021	IDA-41590	Int Charges	223.56
May 15, 2021	IDA-41590	Loan Repay	47,200.67
Nov 15, 2020	IDA-41590	Loan Repay	45,270.15
Nov 15, 2020	IDA-41590	Int Charges	15,895.88
Nov 15, 2020	IDA-41590	Int Charges	15,895.88
Nov 15, 2020	IDA-41590	Loan Repay	1,311.10
Nov 15, 2020	IDA-41590	Int Charges	35,809.98
Nov 15, 2015	IDA-41590	Int Charges	38,597.40
May 15, 2017	IDA-41590	Int Charges	16,522.27
May 15, 2017	IDA-41590	Int Charges	16,522.27
May 15, 2017	IDA-41590	Int Charges	35,951.71
May 15, 2017	IDA-41590	Loan Repay	42,257.20
May 15, 2017	IDA-41590	Loan Repay	2,701.38
Nov 15, 2016	IDA-41590	Int Charges	16,607.96
Nov 15, 2016	IDA-41590	Int Charges	16,607.96
Nov 15, 2016	IDA-41590	Int Charges	37,644.62
Nov 15, 2016	IDA-41590	Int Charges	1,215.48
Nov 15, 2016	IDA-41590	Loan Repay	44,735.16
May 15, 2016	IDA-41590	Loan Repay	1,095.60
May 15, 2016	IDA-41590	Loan Repay	45,195.30
May 15, 2016	IDA-41590	Int Charges	17,359.11
May 15, 2016	IDA-41590	Int Charges	17,359.11
May 15, 2016	IDA-41590	Int Charges	38,089.52
Nov 15, 2018	IDA-41590	Loan Repay	43,539.89
Nov 15, 2018	IDA-41590	Loan Repay	1,789.75
May 15, 2018	IDA-41590	Loan Repay	792.26
May 15, 2018	IDA-41590	Loan Repay	46,064.58
May 15, 2018	IDA-41590	Int Charges	16,868.45
May 15, 2018	IDA-41590	Int Charges	16,868.45
May 15, 2018	IDA-41590	Int Charges	38,235.19
Nov 15, 2014	IDA-41590	Int Charges	17,907.58
Nov 15, 2014	IDA-41590	Int Charges	17,907.58
Nov 15, 2014	IDA-41590	Int Charges	105.18
Nov 15, 2014	IDA-41590	Int Charges	105.18
May 15, 2015	IDA-41590	Int Charges	16,982.26
May 15, 2015	IDA-41590	Int Charges	16,982.26
May 15, 2015	IDA-41590	Int Charges	37,675.63
May 15, 2015	IDA-41590	Int Charges	438.49
May 15, 2015	IDA-41590	Int Charges	438.49
May 15, 2014	IDA-41590	Int Charges	110.28
May 15, 2014	IDA-41590	Int Charges	110.28
May 15, 2014	IDA-41590	Int Charges	18,975.49
May 15, 2014	IDA-41590	Int Charges	18,975.49
Nov 15, 2013	IDA-41590	Int Charges	201.65
Nov 15, 2013	IDA-41590	Int Charges	201.65
Nov 15, 2013	IDA-41590	Int Charges	18,486.55
Nov 15, 2013	IDA-41590	Int Charges	18,486.55
Nov 15, 2015	IDA-41590	Int Charges	17,028.28
Nov 15, 2015	IDA-41590	Int Charges	17,028.28
Nov 15, 2015	IDA-41590	Int Charges	1,770.54
May 15, 2022	IDA-41590	Loan Repay	42,731.17
May 15, 2022	IDA-41590	Loan Repay	928.54
May 15, 2022	IDA-41590	Int Charges	14,407.69
May 15, 2022	IDA-41590	Int Charges	14,407.69
Mar 29, 2006	IDA-41590	Loan Commitment	5,000,000.00
May 15, 2024	IDA-41590	Int Charges	13,675.80
May 15, 2024	IDA-41590	Int Charges	13,675.80
May 15, 2024	IDA-41590	Int Charges	30,998.51
May 15, 2024	IDA-41590	Int Charges	514.22
May 15, 2024	IDA-41590	Loan Repay	43,172.73

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Counterpart Funding	Satisfactory	2011-03-11
Overall Safeguards Rating	Satisfactory	2011-03-11
Procurement	Satisfactory	2011-03-11
Project Management	Satisfactory	2011-03-11
Overall Safeguards Rating	Satisfactory	2011-03-11
Progress towards achievement of PDO	Satisfactory	2011-03-11
Financial Management	Satisfactory	2011-03-11
Monitoring and Evaluation	Satisfactory	2011-03-11
Overall Implementation Progress (IP)	Satisfactory	2011-03-11

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 01-31-2012
Outcomes	Substantial
Risk to Development Outcome	Negligible
Bank Performance	Substantial
Borrower Performance	Substantial
Government Performance	Substantial
Implementing Agency	Substantial

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 09-17-2013	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome	Negligible To Low	N/a
Bank Performance	Highly Satisfactory	N/a
Borrower Performance	Satisfactory	N/a
Government Performance	Satisfactory	N/a
Implementing Agency	Satisfactory	N/a
Icr Quality	Satisfactory	N/a
M&e Quality	High	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Installed capacity MW of renewables connected to the power grid (MW) Value 47 130 127
Date March 31, 2006 December 31, 2010 June 30, 2011
Comment The end target was exceeded by December 31, 2010.
Renewable generation added to the generation mix (GWh) Value 137 417 336
Date March 31, 2006 December 31, 2010 June 30, 2011
Comment The end-target was reached in mid 2010.

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Laws and regulations to improve the environment for the development of renewables are prepared and enacted	Value	A number of legal and regulatory impediments for d	Several key improvements in legal and regulatory f	The relevant package is enacted
	Date	March 31, 2006	December 31, 2010	December 31, 2009
	Comment		The work of the government inter-sectoral commission established to pursue enactment of legislative amendments to remove barriersto development of renewables continues.

The renewable energy Geographic Information System, Integrated Database and web portal provide comprehensive national data (# of Regions/Marzes) on renewable resources	Value	GIS and database for one marz are piloted	GIS and database for the entire country prepared	GIS database and web portal for the entire country
	Date	March 31, 2006	December 31, 2010	December 31, 2009
	Comment		The end-target was reached in August 2009.

Aggregate dollar amount of investments financed or leveraged by the participating financial institution or the R2E2 Fund (million US$)	Value	Zero	27	21
	Date	March 31, 2006	December 31, 2011	June 30, 2011
	Comment		The end-target was exceeded in 2009 due to large co-financing by project developers.

Loan repayment rate by the Project beneficiaries Value Zero 95% 95%
Date March 31, 2006 December 31, 2011 June 30, 2011
Comment
Iincreased displacement of CO2 emission (tCO2) Value 89,050 270,770 218,400
Date March 31, 2006 December 31, 2010 June 30, 2011
Comment The end-target was reached in mid 2010

Iincreased displacement of CO2 emission (tCO2)	Value	89,050	270,770	218,400
	Date	March 31, 2006	December 31, 2010	June 30, 2011
	Comment		The end-target was reached in mid 2010