The Eurasian Development Bank (EDB) is financing the construction of 11 solar power plants for $37 million in the Gegharkunik and Aragatsotn marzes of Armenia. All of these plants are scheduled to be completed by the end of the year. The 11 solar power plants will produce about 130 million KWh, which is about 2% of Armenia's domestic electricity consumption. The development of renewable energy sources (RES) is a priority of the Armenian government as they reduce the dependence on fossil fuels, which are fully imported.

Today, the potential of solar power plants in Armenia is estimated at 8 GW. These projects will increase the country’s solar energy capacity eightfold. The average annual solar energy production in Armenia per 1sq.m. of the surface is 1,720 kWh/sq.m. and a quarter of the country has an annual solar energy supply of 1,850 kWh/sq.m while the average annual sunshine is 2,700 hours. Comparably, the European average of 1,000 kWh per m2. The Government of the Republic of Armenia guarantees the purchase of the full amount of electricity produced from renewable sources within the next 20 years. Today, Armenia is building several large solar power plants with a total capacity of more than 400 MW.