Georgia launches $131m Mtkvari hydro power project

Georgia is building a new $131 million USD Hydro Power Plant (HPP) on the Mtkvari River in the country’s south.

The Mtkvari HPP investment project was introduced yesterday by Georgia’s Co-Investment Fund (GCF).

The project first started in 2009 but the construction stopped for several years before GCF purchased the project and renewed the construction process.

Georgia's Minister of Energy Kakha Kaladze (R) visited the construction of the HPP. Photo by GCF.

The GCF said the Mtkvari HPP would be unique for several reasons; it was being built with the most advanced technologies and the construction was being monitored by leading European companies.

The project has great importance for the development of Georgia’s economy,” said the GCF.

The Fund has already invested more than $53 million in the project. More than 500 people are employed to construct the plant and a source of multi-million permanent income is being created for the country’s budget.”

The GCF attracted $65 million worth of investments from local banks to fund the project.

The HPP will be operational in 2019.

The GCF is a $6b USD private investment fund with the mandate to provide investors with unique access through a private equity structure to opportunities in the region’s fastest growing industries and sectors.