Sun Energy for SMEs: a new loan product of Unibank and Stiegen through KfW finance


In Sunny Armenia there is 1,7 times more light for each square meter than that over Europe on average. It will not be logical to leave that natural wealth without attention. It will be enough to acquire a solar power station (PV) and any small business will become more energy-efficient and more competitive. And even if there are no available funds in the turnover - one may still install modern technological equipment, using the new loan offered by Unibank in cooperation with the German bank KfW.

The new loan product of Unibank is called as thus: “Solar Energy”. The loan’s terms are the following: the repayment period – up to 120 months, the interest rate – up to 10% annually. The loan is issued in AMD for the purchase of solar power stations, water heaters (SWH) and related equipment.

“The demand for solar-energy- based equipment has had a rapid rise in Armenia for the last years. Solar energy here is used both in big and small businesses, as well as in farms and hotels. Our new loan product helps solar energy- an alternative one, as well as SMEs develop cutting down on their expenses on gas and electric-power. What is more, the generated electricity may be sold in case of excess,” said David Petrosyan, Director of corporate business promotion and sales of Unibank.

According to the data provided by the Ministry of Energy and Natural Resources of the RA, the average annual inflow of solar energy in Armenia per 1 sq. km. m of the earth is 1720 kWh / sq. m. While the intensity of the solar stream on the 25% of the territory of Armenia is even higher: starting from 1,850 kWh / sq.

“The potential of solar power in Armenia is just great, but at present we satisfy only 2-3 % of our demands with this resource. Every business, family, state institution may profit from this technology and do it without initial financial investment. Based on the requirements of our clients and the sales of Stiegen company, we may confidently announce that the revolution of solar power that we have been preparing for 8 years, has already started in Armenia. I consider this step of our partner Unibank timely and strategically correct,” said Hayk Shekyan, the founder of the company “Stiegen”, an expert in the field of renewable energy.

Making use of Unibank’s loan, one may purchase a solar power station that will pay itself over 5-7 years. Taking the fact into consideration that the panels are designed for 25-30 years of operation, the benefits for the borrowers are obvious: for another 20-25 years, the owner of a sun-rays-based mini power station will not pay for electricity.

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