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.

Contact information for inquiries: +374 91 211102, Artem.Kharazyan@fma.fichtner.de

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 Form

Submit the following documents for preliminary screening*:

• a complete and accurately filled in application form
• land ownership certificate
• certificate of state registration of a legal entity and charter
• a construction license issued by PSRC
• a business plan
• general plant layout with interconnection
• data sheets of equipment, including PV module, inverters, etc.
• certificates of the equipment (according to the Minimum Technical Requirements)
• technical conditions for connection to the national grid (issued by ENA CJSC)
• environmental and social impact assessment study (ESIA)
• project implementation schedule
• photos of the project site and adjacent structures.

*) For the other documents to be submitted together with the Application Form please check with the first column of the  Checklist of required documents for Technical Assessment (the Checklist) available on the GAF-RE IV website.

Please note that all documents and drawings have to be submitted in electronic form (via email) only. All documents are to be submitted in English, except for official documents issued by local and national authorities. The documents should be PDFs unless noted otherwise.

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

3. If the project meets the eligibility criteria, the GAF-RE team undertakes a thorough analysis of the project which can then, if the outcome is favorable, be financed under the GAF-RE Programme.

More information on the application and evaluation process can be learned from the Application Procedure.

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

• Design: The design of the facility must be in line with international best practice. The chosen technology must have been tried and tested in commercial applications. Data sheets for the chosen equipment must be provided.
• Irradiation assessment: The quality of the submitted solar resource data is scrutinized.
• Performance: The planned power output of the plant will be assessed. P50, P75 and P90 power generation projections 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, etc. 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 have been granted by the relevant authorities.
• Environmental, social, health and safety compliance: Required information and documents must be submitted to document that the project complies with national and IFC Performance 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 at 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.

For the first three projects that meet the eligibility criteria and present complete detailed designs and full set of requested documents, due diligence reviews (technical, financial and environmental and social assessment) will be prepared to check for compliance with the selection criteria, with only three such reviews conducted at a time. The evaluation of each subsequent eligible project will begin only after the completion of due diligence review and, in case of a positive conclusion, issuance of Technical Assessment and Environmental and Social Action Plan (ESAP) for one of the three projects under consideration.

If as a result, major deficiencies come to light regarding documentation, design or business plan, the PE will be informed of these for their rectification. On the other hand, if there is another eligible project in the pipeline that meets the requirements and has a detailed design and full set of requested documents, the due diligence review of that project will be started instead.

4. The environmental and social screening and a due diligence review are conducted to ensure that the PE and the project meet national and applicable IFC Performance Standards requirements for environmental protection as well as health and safety requirements. To address detected deficiencies GAF-RE team experts can assist the borrowers by developing of an Environmental and Social Action Plan (ESAP), which will determine if additional plans and procedures might be required for specific projects due to their estimated potential impact on the surrounding environment. If necessary for a project, development of specific documents will be required from Developer upon granting of the funds within a deadline set in the Technical Assessment and Monitoring Reports. GAF-RE team experts will assist the development of the necessary documentation by providing outline for each requested document and providing comments to the requested documents submitted by Developers.

5. Based on the results of the technical and environmental due diligence, GAF-RE will decide 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.

The GAF-RE team will carry out interim monitoring visits and a final monitoring visit to inspect the progress and quality of the construction works. The results will be submitted by short-form interim Monitoring Reports and a comprehensive final Monitoring Report.

Investor shall comply and follow through with all conditions stipulated in the Technical Assessment Report and Monitoring Reports. The final monitoring visit will only be scheduled when the defects identified at intermediate monitoring are fixed. The disbursement of the last (10%) tranche of the loan will only be disbursed when all defects are fixed.

Failure to comply with the above may result in a loan-call-back procedure by GAF.