Amber Capital invested USD 3 million in EcoVille, a diversified renewable energy group based in Armenia.
Proceeds of the investment will support to increase production capacity of the group enabling EcoVille to expand its operations regionally and enter new markets such as energy trading and electric mobility.
The investment will also support EcoVille to enhance its environmental, social and the corporate governance practices and bring additional jobs not only to the capital, but also the various regions of Armenia.
EcoVille, established in 2015, is one of the pioneering companies in solar development in Armenia, that employs 180 staff countrywide. Projects implemented by the group in the renewable energy sector have reduced CO2 emissions in Armenia by up to 80,000 tons annually.
Anushavan Simonyan, CEO of Amber Capital Armenia, said “we have known EcoVille for quite some time now and had the opportunity to successfully complete the construction of two solar photovoltaic plants in Armenia, owned by the Fund.
The company has a number of strategic projects that require both capital and expertise to be implemented and we are very pleased to partner together with EcoVille on yet another successful venture.”
Vardan Hovsepyan, co-founder and CEO of EcoVille, said “this partnership opens up tremendous opportunities for EcoVille’s growth and development. The investment from Amber Capital will be instrumental in driving our international expansion and launching new production lines. We have set ambitious goals for the future and intend to utilise the funds to strengthen our position as a leader in the renewable energy sector as well as diversify our offerings to the customers. Additionally, we will focus on enhancing our environmental, social, and corporate governance practices, ensuring that sustainability remains at the core of our operations.”
The EU-Armenia SME Fund, a private equity fund managed by Amber Capital, was launched in Armenia in January 2020 with investments from the European Union (EU), European Bank for Reconstruction and Development (EBRD), Amundi-ACBA Asset Management, the Hirair and Anna Hovnanian Foundation and the investment team of Amber Capital. It has since raised further capital from the Armenian National Interests Fund, C-Quadrat Ampega Asset Management Armenia, the Dutch Entrepreneurial Development Bank (FMO) and the Government of Armenia, as well as a number of Diaspora investors, with total committed capital of over USD 60 million.
The Fund is committed to financing the sustainable growth of Armenian SMEs through capital investments and introduction of high standards of environmental, social and corporate governance practices.