PM says gov’t expects at least $3 billion in energy investment over 3 years
The Georgian government expects the country's energy sector to receive investments worth $3 billion over the next three years. Photo: Kartli wind farm
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The Georgian government expects the country's energy sector to receive investments worth $3 billion over the next three years "if all projects being considered are launched", prime minister Irakli Garibashvili said at the government meeting on Monday.
Garibashvili said the ongoing Russia-Ukraine war and the resulting energy crisis had "once again revealed the difficulties that countries and states face", naming energy security and energy independence as the challenges.
Georgia, of course, has quite large resources - especially hydro resources - so this resource needs to be used and utilised as wisely as possible. This is our main priority and we have been working actively in this direction for the last few months", he noted.
A new scheme for the sector has been developed following consultations with the International Monetary Fund, the government head added before naming the suspension of the guaranteed purchase scheme and unsigned contracts following agreements for facilitating hydro power plants with about 800 MW of power as an outstanding issue.
Photo: PM's press office
The second issue is that the fate of new projects was unclear, and investors in general needed more clarity. So the new scheme which we will offer to investors involves support of energy projects by the government for 15 years after the commissioning of power plants with a CFD contract”, he said, adding the new scheme would involve supporting launch of power plants with a total capacity of 1,500 MW over the next three years by auction.
Garibashvili added the new scheme did not include large domestic HPP projects such as Namakhvani, Nenskra and Khudoni, and also noted an investment of approximately $2.2 billion was expected for the project.
He also pointed out the projects under the 800 MW plan and other large initiatives would be added to the former push for power generation.
Hungarian prime minister Viktor Orbán on Thursday said his country was interested in receiving electricity from Azerbaijan through Georgia and Romania, following a meeting with Georgian prime minister Irakli Garibashvili in Budapest.
Georgian economy minister Levan Davitashvili on Wednesday highlighted the potential of the renewable energy sector of the country’s economy at an international conference hosted in Tbilisi, where he said attracting investments in the area was a “main priority” for the government.
The Georgian economy ministry has plans for developing a green growth strategy for the country, deputy minister Romeo Mikautadze announced at a “high-level dialogue” on sustainable public procurement and eco-labelling in Georgia on Tuesday.
Azerbaijan is planning to increase electricity and natural gas exports to Europe, with the latter to use pipelines located in Georgia, president Ilham Aliyev said in a joint press conference with Georgian prime minister Irakli Garibashvili on Monday.
Georgian deputy economy minister Romeo Mikautadze joined global energy leaders, policymakers and industry professionals at the ongoing Abu Dhabi International Petroleum Exhibition and Conference and spoke about the current trends in the Georgian energy sector, the ministry of economy announced on Thursday.
The government of Georgia is launching a new support scheme for the companies implementing energy projects in Georgia and need additional incentives to develop further, the ministry of economy announced on Tuesday.
Georgian deputy economy minister Romeo Mikautadze on Tuesday spoke about the importance of the development of green hydrogen in Georgia at an international forum organised by the International Energy Agency, the ministry of economy said.
The United States Agency for International Development and Georgian Renewable Power Company have teamed up to develop a solar power project at the Qartli wind farm to increase Georgia's clean energy production capacity during periods of low wind speed in the central municipality of Gori, the USAID announced on Friday.
More than $1 billion will be spent on completing suspended hydro power plant projects across Georgia to activate 800 megawatts of supply, while the Government will also announce a tender for the construction of new energy facilities adding 1,500 MW of generation, Prime Minister Irakli Garibashvili announced at the Government meeting on Monday.
The Georgian Government on Monday announced it would seek to announce a new tender on the construction of the Khudoni Hydro Power Plant, projected to become the second largest HPP in the country, with “active involvement” of the state, after terminating the agreement for the project with the previous investor.
Georgia’s energy sector is in “an active phase” of development and the country’s goal is to “effectively” use the “huge” unused potential of renewable energy through hydro, wind, solar, and other energy-sufficient directions, Romeo Mikautadze, Georgia’s Deputy Economy Minister said on Saturday at the 13th session of the Assembly of the International Renewable Energy Agency in Abu Dhabi.
Renovation of Tbilisi International Airport in the Georgian capital, construction of Anaklia deep-sea port on the Black Sea coast and the Khudoni hydropower plant on Enguri River in the north-west of the country were among projects highlighted by Prime Minister Irakli Garibashvili on Monday.
Deputy Economy Minister Romeo Mikautadze on Thursday said Georgia’s role as a hub for green energy development was evident in the region in view of its “strategic location”, highlighting the importance of strengthening and developing appropriate infrastructure to ensure the transportation of green energy from the South Caucasus to Europe.
Georgian Economy Minister Levan Davitashvili on Monday said the country was launching new energy facilities into operation “for the first time in many years”, with a number of projects to be implemented to boost additional power capacity.