Debed Hydro LLC, a subsidiary of Energy Invest Holding CJSC, has signed an advisory services agreement with IFC, a member of the World Bank Group, to support the development of the Shnogh hydropower plant in Armenia.

Armenia depends on imported fossil fuel for the majority of its energy needs, which is not only expensive but also drives up greenhouse gas emissions. Debed Hydro is planning to design, finance, and construct the Shnogh hydropower project, a 76-megawat plant, which will help to increase renewable energy output, to meet energy demand and to realize the country’s untapped hydropower potential.

Pöyry Switzerland LLC, a Swiss consulting company, is conducting a feasibility study of the project. IFC will review the project documents and provide advice to help the plant meet international standards.