MACS together with Posch & Partners were contracted to implement a Feasibility Study for the Promotion of privately owned Small Hydro Power Plants (SHPP) in Armenia.

The Feasibility Study included also the development of a reliable project structure and the development of the Project Executing Agency (PEA).

Moreover, the Feasibility Study included the assessment of the technical feasibility of SHPP projects as well as the financial viability of those projects. In parallel an assessment of the commercial banks in Armenia was implemented in order to analyze the interest and readiness of the commercial banks to channel project funds for the financing of SHPP projects as well as potentially using bank funds for the financing of Renewable Energy Projects in Armenia.

The majority of commercial Banks in Armenia expressed their interest to participate in the project.

Based on the Feasibility Study, the Central Bank of Armenia was established as the temporary PEA. As a second stage, the German Armenian Fund (GAF) became the PEA. The project formed the basis of the Renewable Energy window of the GAF.