Compact power station factory in Armenia

Renco has developed a public-private partnership for the design, construction and management for 25 years of a 254 MW combined-cycle power plant in Yerevan, through project financing. The energy produced will be purchased by Armenia's national power company. Renco, flanked by Siemens, financed 60% of ARMPOWER, for a total of 56.9 million dollars.

The energy produced will be purchased by Armenia's national power company. Renco, flanked by Siemens, financed 60% of ARMPOWER, for a total of 56.9 million dollars. Siemens covered 40%, amounting to 37.9 million dollars.

Forming the foundation of Armenia's renewable energy system as of 6 January 2022 were 189 small, private HPPs (under 30 MW), mostly constructed since 2007. Installed capacity is approximately 389 MW for annual generation of 943 GWh, covering 14% of domestic supply.

Various upgrades have been performed since the early 2000s, and one of the seven HPPs (Yerevan HPP) is currently under reconstruction at a cost of USD 40 million. Constructing small HPPs is Armenia's favoured course of action to develop the renewable energy sector and secure energy independence.

For Renco, the Yerevan project was the first important attempt to finance an international project. With the help and support of IFC, ADB and the World Bank, Renco succeeded in building an entirely new combined-cycle power plant for supplying electricity to Armenia.

Renewable energy resources, including hydro, represented 7.1% of Armenia's energy mix in 2020. Almost one-third of the country's electricity generation (30% in 2021) came from renewable sources. Forming the foundation of Armenia's renewable energy system as of 6 January 2022 were 189 small, private HPPs (under 30 MW), mostly constructed since 2007.