De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits

De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits

  • Status Under implementation
  • Date approved 30 Jun 2016 at B.13
  • Est. completion 30 Jun 2023
  • ESS Category Category C

Improving energy efficiency (EE) in Armenia through building retrofits, addressing high levels of energy poverty and high use of imported fossil fuels for heating.

The project will build the market for EE building retrofits in Armenia, leading to sizeable energy savings and GHG emission reductions (up to 5.8 million tCO2 of direct and indirect emission savings over the 20-year equipment lifetimes), green job creation and energy poverty reduction. It will directly benefit over 200,000 people and will catalyse private and public sector investment of approximately USD 100 million.

GCF will invest a USD 14M loan to make EE loans for building retrofits more affordable. The Municipality of Yerevan will add USD 8M in co-financing. In addition, GCF will provide USD 6M in technical assistance to remove market and policy barriers to building retrofits, with UNDP providing USD 1.4M and the Ministry of Nature Protection USD 0.4M co-funding. The technical assistance will seek to overcome lack of information and awareness about the benefits of retrofitting through the establishment of measurement, reporting and verification measures, the development of policy frameworks. The cost-effective combination of policy and financial de-risking instruments and targeted financial incentives will address market barriers and achieve a risk-return profile for EE building retrofits that can attract private investments.

The project has an estimated lifespan of 20 years.

Total project value


Tonnes of emissions avoided






Result areas

Project timeline


13 Apr 2015 - 445 days

Concept note received

13 Apr 2015

Funding proposal received

19 Jul 2015


30 Jun 2016 - 366 days

Approved by GCF Board

30 Jun 2016

Cleared by iTAP

30 Jun 2016

Legal opinion on AE's Internal Approval

27 Sep 2016

FAA executed

07 Jun 2017

Under implementation

30 Jun 2017 - 1,307 days so far

FAA effective

30 Jun 2017

Disbursement - USD 729,000

02 Aug 2017

Annual Performance Report

23 Mar 2018

Annual Performance Report

01 Mar 2019

Disbursement - USD 1,608,000

19 Apr 2019


30 Jun 2023 - 886 days to go

One region

  • Eastern Europe

One country

  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing2% disbursed

GrantUSD 20,000,000


Co-FinancingGrantUSD 8,000,000
Co-FinancingGrantUSD 1,420,000
Co-FinancingGrantUSD 400,000
Co-FinancingLoanUSD 86,250,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 10 4458 7751
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6157
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155
Send e-mail

Accredited Entity

United Nations Development Programme

Mr. Pradeep Kurukulasuriya
Executive Coordinator and Director, Global Environment Finance
304 East 45th Street, FF-9th Floor, New York, NY, United States
Phone +1 (212) 906-5884
Mr. Robin Merlier
Environmental Policy Specialist Global Environmental Finance, Bureau for Policy and Programme Support (BPPS)/Global Policy Network
Phone +1 2129065842

National Designated Authority


Ministry of Environment

Mr. Romanos Petrosyan
3 Government Bld, Republic Square, Yerevan, Armenia
Phone +37411818501
Ms. Ruzanna Grigoryan
Head of International Cooperation Department
Phone +37411818513