Finance minister says state funding in large hydro power plants will not be “significant”
Finance minister said 10.2 percent economic growth had been recorded in the first nine months of 2022. Photo: government press office
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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”.
Speaking to the media following the government meeting, the official pointed to the 280 MW Nenskra HPP project in the country’s north-western Svaneti region, and said authorities were interested in the “timely completion” of the project with Korean investments.
Khutsishvili also made comments on exports and noted a 34 percent increase in the area was ensuring “high growth” of the domestic economy.
He said 10.2 percent economic growth had been recorded in the first nine months of 2022, adding the “rapid growth” of exports and foreign trade had been “key contributors” to the figure.
In his comments the minister hailed the VAT return reform, which involves returning the surplus generated from VAT payments through a “new and simplified” system upon delivery of VAT declarations.
“This is one of the very successful reforms that we have implemented in the tax direction”, the official said and noted that ₾1.8 billion ($0.66bln) had been returned to taxpayers in Georgia in the first 10 months of 2022.
US company Cerberus Frontier will construct a small hydropower plant, to be named Bakhvi 1, in the Guria region of Georgia, announced Georgian Economy Minister Natia Turnava today.
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 reducing dependence on imported energy by increasing domestic electricity production thanks to the Shuakhevi hydropower plant project which is being developed in Adjara region. The Shuakhevi HPP will generate 450 gigawatt (GW) hours of clean energy annually while reducing greenhouse gas emissions by more than 200,000 tonnes per year.
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.