FP010
De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits
De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits
Improving energy efficiency (EE) in Armenia through building retrofits, addressing high levels of energy poverty and high use of imported fossil fuels for heating.
The project will build the market for EE building retrofits in Armenia, leading to sizeable energy savings and GHG emission reductions (up to 5.8 million tCO2 of direct and indirect emission savings over the 20-year equipment lifetimes), green job creation and energy poverty reduction. It will directly benefit over 200,000 people and will catalyse private and public sector investment of approximately USD 100 million.
GCF will invest a USD 14M grant to make EE loans for building retrofits more affordable. The Municipality of Yerevan will add USD 8M in co-financing. In addition, GCF will provide USD 6M in technical assistance to remove market and policy barriers to building retrofits, with UNDP providing USD 1.4M and the Ministry of Nature Protection USD 0.4M co-funding. The technical assistance will seek to overcome lack of information and awareness about the benefits of retrofitting through the establishment of measurement, reporting and verification measures, the development of policy frameworks. The cost-effective combination of policy and financial de-risking instruments and targeted financial incentives will address market barriers and achieve a risk-return profile for EE building retrofits that can attract private investments.
The project has an estimated lifespan of 20 years.
Project timeline
Pipeline
13 Apr 2015 - 445 days
Concept note received
13 Apr 2015
Funding proposal received
19 Jul 2015
Approved
30 Jun 2016 - 366 days
Approved by GCF Board
30 Jun 2016
Cleared by iTAP
30 Jun 2016
Legal opinion on AE's Internal Approval
27 Sep 2016
FAA executed
07 Jun 2017
Under implementation
30 Jun 2017 - 2,606 days so far
FAA effective
30 Jun 2017
Disbursement - USD 729,000
02 Aug 2017
Annual Performance Report
23 Mar 2018
Annual Performance Report
01 Mar 2019
Disbursement - USD 1,608,000
19 Apr 2019
Disbursement - USD 3,596,000
01 Mar 2021
Disbursement - USD 2,400,000
27 Jul 2023
Disbursement - USD 3,600,000
08 May 2024
To be completed
30 Jun 2026 - 683 days to go
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Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing60% disbursed
Instrument | Amount |
---|---|
Grant | USD 20,000,000 |
Total GCF Financing |
---|
USD 20,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Grant | USD 8,000,000 |
Co-Financing | Grant | USD 1,420,000 |
Co-Financing | Grant | USD 400,000 |
Co-Financing | Loan | USD 86,250,000 |
Total Co-Financing |
---|
USD 96,070,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
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Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Accredited Entity
![](https://www.greenclimate.fund/sites/default/files/organisation/logo-undp.png)
United Nations Development Programme
Executive Coordinator, ad interim (A.I)
304 East 45th Street, FF-9th Floor, New York, United States
Principal Advisor Environmental Law and Policy
304 East 45th Street, FF-9th Floor, New York, United States
More contacts
National Designated Authority
Ministry of Environment
Minister
3 Government Bld, Republic Square, Yerevan, Armenia
Head of International Cooperation Department