Supervision of the implementation of the field works and the study will also be included in the first phase. Phase II will be carried out only if the results are positive to justify additional studies in the first phase.
This technical assistance grant by the World Bank is the second phase is a series of envisaged projects in Europe and Central Asia (ECA) which amounts to $25 million in the next eight years.
The GeoFund is the first region-wide program of its kind and is implemented jointly with International Finance Corporation (IFC). GeoFund intends to promote the use of geothermal energy in the ECA region by removing existing barriers. This will lead to diversification in energy use and increase the demand for similar projects. The Project will assess the feasibility of exploratory drilling in Armenia in sites with the highest geothermal potential.
“We are pleased to receive GeoFund support especially given the lack of adequate site investigation works, and limited interest of private sector in development of geothermal energy resources in Armenia,” Project’s Task Team Leader Ani Balabanyan said. “This project will fill in this gap and will serve as a model for similar field investigation projects.”
