How to Apply

To apply for financing, your company and project must meet the GAF-RE eligibility criteria.

If you have any questions before applying for GAF-RE financing, you are always welcome to visit our Frequently Asked Questions section. You can also contact the GAF-RE team, who will provide comprehensive answers to your questions.

The number of projects for which technical assistance and financing are provided is limited, so early application is advisable.

Application Procedure

1. Download and fill out the Technical Application Questionnaire that is available on this website for the relevant technology (Small Hydropower, Solar, Wind).

Submit the following documents for preliminary screening:

  • a completed application form
  • a pre-feasibility study
  • a business plan
  • proof of landownership
  • environmental and social impact assessment study (ESIA)
  • license for water use (for SHPP only)
  • license for project construction.

Please note that all documents and drawings have to be submitted in Armenian and English.

2. GAF-RE team experts will perform technical screening on the basis of the application checklist to determine the eligibility of the project on a preliminary basis for GAF-RE financing.

3. If the company and project meet the eligibility criteria, the Consultant undertakes a thorough analysis of the project which can then, if the outcome is favourable, be financed under the GAF-RE Programme.

The main factors of relevance for the GAF-RE team to assess the bankability of the project are:

  • Design: The design of the facility, or the planned measures in the case of rehabilitation projects, must be in line with international best practice. The chosen technology has to have been tried and tested in commercial applications. Data sheets for the chosen equipment must be provided.
  • Hydrology (for SHPP only): The quality of the submitted data set and the estimates derived on this basis will be scrutinized. Daily values for flow data are required.
  • Wind assessment (for Wind Power Plants only): The quality of the submitted wind assessment and energy yield study report including detailed calculations and measured raw wind data will be scrutinized. Wind measurements at site for at least one to two years are required.
  • Irradiation assessment (for Solar Power Plants only): The quality of the submitted irradiation measurements are scrutinized.
  • Performance: The planned power output of the plant will be assessed. A sensitivity analysis should be submitted to aid the financial modeling that the Partner Financial Institution (PFI) will undertake.
  • Costs: The basis for the cost estimate must be provided by the borrower in the form of a bill of quantities, quotations for equipment, and so on. The projected CAPEX and OPEX must be presented. This includes all relevant items as well as sufficient contingencies.
  • Implementation schedule: An implementation schedule within the planned time frame must be shown.
  • Technical risks: Technical risks that might adversely impact project implementation from a budget or time perspective must be investigated.
  • Licenses/permits: All relevant licenses and permits must be granted by the relevant authorities.
  • Environmental compliance: An assessment must be submitted to document that the project complies with national and European environmental standards.
  • Economic analysis: The relevant economic parameters must be presented.

When the detailed design is received, it will be checked to ensure all documents are to hand. When the detailed design is finished, a preliminary review is carried out by the GAF-RE team to check for completeness of its contents, e.g. hydrological basis, geological investigation, wind measurements, solar irradiation etc. (in dependence of relevant technology).

For the first project that meets the eligibility criteria and presents a complete detailed design, a due diligence review will be prepared to check for compliance with the selection criteria, with only one such review conducted at any time.

If as a result, major deficiencies come to light with regard to documentation, design or business plan, the PE will be informed of these for their rectification. If there is another project in the pipeline that meets the requirements, a start will be made on a due diligence review for it instead.

4. As part of project preparation, environmental screening and a due diligence review are conducted to ensure that the PE and the project meet national and applicable European Union requirements for environmental protection as well as health and safety requirements. To address detected deficiencies GAF-RE team experts can assist the borrowers in developing of an environmental and social action plan (ESAP).

5. Based on the results of the technical and environmental due diligence, GAF-RE will make a decision on loan disbursement.

6. While the implementation of the project is the responsibility of the borrower, the GAF-RE team monitors project execution, progress and proper construction procedure.