Gov’t discusses plans for encouraging innovations, startups, developing energy sector

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.

Led by Prime Minister Irakli Garibashvili, the weekly meeting discussed the participation of the Innovation and Technology Agency of Georgia in a $20 million fund established by the venture capital firm 500 Georgia for retraining startups in the country over the next four years. 

The officials said the development of innovative business had reached a stage where global players were interested in investing in the Georgian startup ecosystem, and stressed the private sector, along with the Government, would participate in the work of the fund, with the state Innovation and Technology Agency ensuring $5 million in investments as a partner. 

The Government members also discussed prospects and draft decrees on the development of wind, solar and hydro power plants in the country with the estimated capacity of more than 153 megawatts.

A draft agreement between the Government and the Georgian-based Wind Farm company was among the discussed questions, with the company taking the responsibility to conduct a feasibility study of the Ksani wind power plant project in the country’s east at its own expense within 12 months. 

The $59.4 million project is planned to be implemented in the Kaspi municipality of eastern Georgia with an estimated capacity of 50 MW, while the estimated annual output is expected to reach 173.5 million kWh. 

Another draft decree discussed at the meeting concerned an agreement between the Government and United Power Energy LLC on the Devashi HPP in the Lentekhi municipality of north-western Svaneti municipality. 

The Government said the company was expected to conduct a feasibility study for the project of the HPP - intended to have the installed capacity of 5.45 MW and annual output of 28 million kWh - at its own expense within 15 months.

The $86.935 million Akhali Samgori solar power plant project was also reviewed, with the Georgian Energy Development Fund expected to carry out the project in the eastern Gardabani municipality village of the same name.