The prestigious “International Journal on Hydropower & Dams” magazine reflected the contract signed between “Ardshinbank” and OPEC International Development Foundation (OFID), within which the projects related to the sphere of construction and operation of small hydroelectric power stations implemented by small and average enterprises are funded.

As the periodical reports: “The funding was lent on to 10 local SMEs for a total of 13 run-of-river plants ranging from 0.8 MW to 8.4 MW with expected average output of 161.7 GWh/year, according to data from Ardshinbank. Seven of the projects, totaling 17.97 MW, were greenfield developments and the remaining six (19.5 MW) involved rehabilitation. Several projects had been completed prior to the loan agreement.

The financing provided to Ardshinbank, the second largest bank in Armenia, met two of the DFI’s key strategic objectives of increasing access to electricity supply and supporting socio-economic development in developing markets.

“For OFID, the funding had a double developmental impact: supporting small hydro development but also supporting SMEs and creating employment opportunities,” Khalid Khadduri, Private Sector Operations Officer at OFID told Hydropower & Dams in an interview in late October.

The international financial community has been extremely supportive of the development of small hydro in Armenia, with the active financing participation of the World Bank, the EBRD and Germany’s KfW.”