Korean K Water to finance Nenskra Hydropower Plant in Georgia

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.

Nenskra HPP which costs about $1 billion, will be jointly financed by the Partnership Fund, a state-owned shareholding company and K Water.

Today K Water and PF representatives signed an agreement to launch the development and construction works at the 280 megawatt power station.

"The Fund has arranged the master plan of the project as well as constructed the way that leads to the station. I would like to focus that the construction of Nenskra HPP does not outline the accommodation of locals as well as environment related issues,” PF Executive Director Irakli Kovzanadze said.

Kovzanadze believed the electricity generated by Nenskra HPP would be distributed on the local market and during the autumn and winter period the HPP would support the local energy market to replace the import.

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 within five years.

A global development institution International Finance Corporation (IFC), which is a member of the World Bank Group has been assisting PF in creating the Nenskra Hydro Power Plant (HPP) a viable project.