EBRD allocates about $200m for Georgia’s Nenskra Hydro Power Plant
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The European Bank for Reconstruction and Development (EBRD) is teaming up with Georgian state-owned shareholding company Partnership Fund (PF) to provide significant financial support to the Nenskra Hydro Power Plant (HPP) project, earmarked for the upper Svaneti region.
EBRD President Sir Suma Chakrabarti announced this news today at the EBRD 24th Annual Meeting in Tbilisi. He said the EBRD was ready to take part in funding the Nenskra HPP, which is estimated to cost about $1 billion USD total.
"The hydro power sector is one of the priorities for us. We took the decision to fund the Nenskra HPP project,” said Chakrabarti.
EBRD will allocate about $200 million USD for the Nenksra HPP project.
Last year Korean company K Water and PF representatives signed an agreement to launch the development and construction works at the 280 megawatt power station.
PF Executive Director Irakli Kovzanadze believed the electricity generated by the Nenskra HPP would be distributed to the local market. In autumn and winter the HPP would support the local energy market to replace imports of electricity.
Nenskra HPP will be constructed on the Nenskra river in Upper Svaneti, a mountain region of Georgia.
The HPP is expected to produce 1.2 billion kilowatts of electricity per year. The project is planned to be completed by 2019.
"We have been actively working with K Water to assure EBRD to get involved in this project. I am glad the EBRD made a very positive decision for us. In addition, the Asian Development Bank and Export-Import Bank of Korea will finance the project,” said Kovzanadze.
Global development institution International Finance Corporation (IFC), which is a member of the World Bank Group, has been assisting the PF to create an investment project of the Nenskra Hydro Power Plant.
At today’s meeting with representatives of the Government and the business society, Georgia’s Prime Minister Irakli Garibashvili summarised the projects recently implemented by the Government in Samegrelo-Zemo Svaneti, and noted all of them were "very important” for the region’s development.
The Korea Water Resources Corporation (K Water) and Georgian Partnership Fund (PF) are stepping up support for developing the energy sector in Georgia and financing the construction of Nenskra Hydro-electric Power Plant (HPP) in Svaneti, the northern part of the country.
It was standing-room only in the main hall of Tbilisi Parliament when Georgia’s Prime Minister gave his address at the EBRD Host Country Investment Outlook Session this evening.
A $31.5 million USD loan to Georgia’s BasisBank is one way the European Bank for Reconstruction and Development (EBRD) is supporting small and medium-sized enterprises (SMEs), energy efficiency measures and access to trade finance in Georgia.
Khedula 3 – this is the name of a new Hydro Power Plant (HPP) that will soon be built in Georgia’s Lower Svaneti region.
A Georgian Hydro Power Plant (HPP) has slashed its energy emissions and is now "well-positioned” to generate additional financial revenues and bolster the economy, says a top European investment bank.
Italian industrial group Salini Impregilo is being offered the chance to handle a hydroelectric project in Georgia and contribute in developing the energy sector in the country.
Construction of a billion dollar Hydro-Electric Power Plant (HPP) has begun in Georgia’s northwest.
Today construction of the biggest HPP since Georgia gained independence, Nenskra HPP in western mountainous Svaneti region, officially started.
A new Hydro Power Plant (HPP) is being built in Saguramo village, in Georgia’s Mtskheta municipality.
The European Bank for Reconstruction and Development (EBRD) has allocated $500,000 in a grant that will be fully used to develop a waste management strategy in the Georgian capital Tbilisi.
After more than two years of investigation, the Nenskra hydropower plant (HPP) project, planned for the upper Svaneti region of Georgia, has been found non-compliant with the environmental and social policies of the European Bank of Reconstruction and Development (EBRD) and the European Investment Bank (EIB), announces Georgian non-governmental organisation.