Italian company wins $1 billion Nenskra HPP project in Georgia
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Italian industrial group Salini Impregilo is being offered the chance to handle a hydroelectric project in Georgia and contribute in developing the country's energy sector.
The group won the tender organised by the Korea Water Resources Corporation (K Water) to build the Nenskra Hydro-Electric Power Plant (HPP) earmarked for the upper Svaneti region.
The project is worth $1 billion USD.
Nenskra HPP will be jointly financed by the state-owned shareholding company Partnership Fund (PF) and K Water. The two companies stepped up to finance Nenskra HPP constructions last year by signing an agreement to launch the development and construction works at the 280 megawatt power station.
Salini Impregilo will start construction works at the end of this summer. The Italian company has built more than 230 dams worldwide but this will be its first in Georgia. Operating in over 50 countries with 34,400 employees, a turnover of around € 4.2 billion and a backlog of € 32.4 billion, Salini Impregilo is a global player in the construction sector.
Nenskra HPP will be constructed on the Nenskra River in Upper Svaneti, a mountain region of Georgia. The HPP is expected to annually produce 1.2 billion kilowatts of electricity per hour. The project is planned to be completed in 2021, however the HPP will start producing the electricity in four years.
Earlier the European Bank for Reconstruction and Development (EBRD) teamed up with PF to provide $200 million USD financial support to the Nenskra HPP project.
Global development institution International Finance Corporation (IFC), which is a member of the World Bank Group, has also assisted the PF to create an investment project of the Nenskra HPP.
The European Bank for Reconstruction and Development (EBRD) is teaming up with Georgia's Partnership Fund (PF) to provide significant financial support to the Nenskra Hydro Power Plant (HPP) project, earmarked for the upper Svaneti region.
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.
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.
Economic and business relations between the two countries were in focus of today’s meeting between Georgia’s Prime Minister Giorgi Kvirikashvili and chairman of Korea's National Assembly Chung Ui-hwa in Tbilisi.
A sudden flooding of the river Nenska in the village of Tchuberi in Svaneti region has cut the village off from the rest of Georgia, as all five bridges have been destroyed, infrastructure has been heavily damaged and many of the houses are in water.
One of the largest Japanese energy companies, TEPCO Renewable Power (TEPCO RP), has acquired 31.4% of the shares of Georgian hydropower company Dariali Energy. This is TEPCO RP's second investment in a hydropower project overseas.
Georgian prime minister Irakli Garibashvili on Monday discussed the implementation process of the 280 MW Nenskra hydro power plant project in the country’s north-western Svaneti region with the CEO of the investing Korean company K-Water, the government press office said.