Armenia to start geothermal exploration at Syunik
The fund will be launched "with the support of the Climate Investment Fund, the Ministry of Energy and Natural Resources, the World Bank and the Asian Development Bank."
Armenia wants to start shifting to renewable energy power, and now it has the funds necessary to do so, since last Friday, the Renewable Energy and Energy Efficiency Fund announced the launch of a $58m investment project to kickstart the country’s renewable energy sector.
The project, which will start in 2017 will be implemented by the aforementioned Renewable Energy and Energy Efficiency Fund “with the support of the Climate Investment Fund, the Ministry of Energy and Natural Resources, the World Bank and the Asian Development Bank.” according to local news sources.
Despite having a significant focus on solar PV development, there is also room for geothermal development since “one of the project’s components is geothermal exploratory drilling in the southern Armenian province of Syunik to explore the geothermal energy potential.”
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