Georgian PM, Korean investor discuss implementation of major HPP project
Georgian prime minister Irakli Garibashvili on Monday met with Jae-Hyeon Park, CEO of the investing Korean company K-Water. Photo: government press office
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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.
At the meeting in the government office in Tbilisi, the PM highlighted the state's participation in large energy projects considering “national interests”, and said the new plant was expected to play an “important role” for the country's “economic progress, energy security and independence”.
He also noted the importance of a “timely” completion of the project with an estimated investment volume of $1.05 billion. The Nenskra HPP is expected to annually produce 1.2 billion kilowatts of electricity per hour.
The sides also discussed the implementation of current and planned energy projects, as well as the importance of investment in sustainable and renewable energy sources.
Lasha Khutsishvili, the minister of finance of Georgia, on Monday said while the state could financially contribute to the construction of large hydro power plants in the country, the involvement would not be “significant”.
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.
Georgia is striving to fortify energy security in the country and improve its economy by building the largest hydro power plant in the recent history of independent Georgia - the Nenskra Hydro-Electric Power Plant (HPP).
Today construction of the biggest HPP since Georgia gained independence, Nenskra HPP in western mountainous Svaneti region, officially started.
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.
The Georgian Government on Monday discussed plans for encouraging innovations and startup businesses in the country, as well as moves to promote the domestic energy sector.
Georgian Prime Minister Irakli Garibashvili on Tuesday said his Government was focusing on defeating poverty and reducing unemployment in the country “in the shortest possible time”.
A new processing plant has been launched in Rustavi, outside capital Tbilisi, in a ₾30 million ($11.34mln) project for producing "high-quality asphalt of a Euro standard", the Ministry of Economy said on Thursday.