The Eurasian Development Bank (EDB) is financing up to US$37 million for the construction of 11 solar power plants with a total capacity of up to 65 megawatts (MW) in the Gegharkunik and Aragatsotn regions of Armenia. Renewable energy development is a priority of the Armenian government’s energy strategy as it can reduce the country’s dependence on fully imported fossil fuels. “Today, Armenia’s energy system is based on thermal, nuclear and hydroelectric energy,” commented Nikolai Podguzov, Chairman of the Board of EDB. “Natural gas remains the largest source of all energy supplies and the main fuel for all end uses. “In particular, the potential of solar power plants in Armenia is estimated at 8 gigawatts (GW), as the annual average solar radiation is 2,700 hours and the annual average solar radiation falling on the horizontal plane is about 1,720 kilowatt hours (kWh) per square metre (European average is 1,000 kWh per square metre). “In line with our strategy in Armenia, EDB is focusing on decentralised solar projects and the construction and modernisation of hydropower plants,” Mr Podguzov added. “The bank’s goal is to contribute to the diversification of the country’s power generation sources by 2026. By doing so, we not only increase the reliability of the energy system, but also significantly protect the environment by reducing CO2 emissions.”