Renewable energy gef project

The closing date for Armenia Renewable Energy Project will be extended from December 31, 2010 until June 30, 2011. The actual project outcome indicators for renewable generation and carbon dioxide emissions have exceeded the target indicators from the first year of the project implementation till present. The implementation of the International Development Association (IDA) financed on lending component is essentially completed and the funding is almost fully disbursed. The implementation of some activities under the Global Environmental Facility (GEF) grant financed technical assistance component has been slow; however, the procurement of these activities has already started and the task team, based on the latest procurement plan, estimates that these studies will be completed by June 30, 2011. The extension is necessary to complete some key studies update of the feasibility study of Loriberd hydro power plant, development of innovative financing instruments for the development of renewable energy projects, preparation of the roadmap for the development of renewable resources under the technical assistance component of the project.