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serre Spayka
Spayka is Armenia’s main fruit and vegetable exporting company. This financing aims to support the company’s development and build 20 hectares of greenhouses for agricultural production. It is combined with an environmental and social action plan, in particular to strengthen its relations with small producers.
Client presentation

Spayka is historically a logistics company and became the leading fruit and vegetable trader in Armenia, before moving further up the value chain and developing agricultural areas under greenhouses. Spayka is today a major agricultural player in Armenia with over 950 permanent employees.

Project description

This project is supporting Spayka’s development and the construction of 20 hectares of agricultural greenhouses supplied by the French company Richel, a world leader in the sector. These new greenhouses will be used to produce 8,000 tons of tomatoes and peppers every year, allowing the company to benefit from Armenia’s agro and climate advantage (good exposure to sunlight), and to generate foreign currency, as all the products will be exported. The greenhouses are heated with gas in winter, but do integrate an advanced technology which allows CO2 to be reused to supply the photosynthesis process for tomato plants, which is very intensive and consumes large amounts of CO2, as yields per m2 exceed 40 kg. The project will ensure stable production and income, as the greenhouse production cycle is controlled and protected from climate hazards, unlike traditional agriculture.  
PROPARCO, in cooperation with Spayka’s management team, has also developed an environmental and social action plan, which will improve the company’s environmental performance, reduce operational risks and strengthen its relations with small producers. PROPARCO is also helping the client improve its corporate governance.

Project impact

The project will contribute to the development of Spayka, which has a positive influence on Armenian growth (opening up access) and provides export opportunities for 4,000 farmers (producers of fruit and vegetables that supply the company). 

The project will also have an impact on market and production structures. It will modernize the drainage system and provide maintenance for roads near the site, which will benefit the neighboring community. Furthermore, the products will benefit from a wide distribution, including retail outlets targeting  low-incomes, in particular in Siberia. It is estimated that the project will reach 5 million consumers. 
Finally, the project will contribute to the country’s tax revenues. PROPARCO will play an advisory role in this operation by helping SPAYKA, alongside FMO, improve the management of the environmental and social risks related to its activity.  

Date of signature of the project
Financing tool
8 948 182 Euros
Amount of funding
USD 11m loan
Financing details
Spayka LLC