Georgia signed 60 energy investment deals worth $800mln in 2022 - Deputy Economy Minister
Romeo Mikautadze, the Georgian First Deputy Minister of Economy, on Thursday addressed a conference entitled “Obtaining financing for Renewable Power Plants from International Financial Institutions”. Photo: Economy Ministry press office
Tweet 
Share
Romeo Mikautadze, the Georgian First Deputy Minister of Economy and Sustainable Development, on Thursday said his office had signed 60 deals with investors worth $800 million last year that were expected to add more than two billion kWh to the local energy generation annually.
Speaking at the Tbilisi conference entitled “Obtaining financing for Renewable Power Plants from International Financial Institutions”, organised by the Georgian Renewable Energy Development Association, the official also noted dozens of new hydropower plants had been built in the country over the past 10 years.
He told representatives of public and private sectors and international financial organisations attending the event that 12 HPPs had been put into operation between 2022-2023 alone, with a total installed capacity of more than 30 MW.
Mikautadze also said the Government was developing a legal framework to stimulate the green energy sector, with the Ministry also implementing an updated directive to support the introduction of “new, market-oriented support schemes”.
Pointing to the National Integrated Energy and Climate Plan, the official said the share of renewable energy in final consumption was expected to reach 27.4 percent by 2030.
Mikautadze also emphasised a new renewable energy support scheme, based on “competition and market principles”, had developed with the support of donor organisations and provided for capacity auctions for renewable energy, including non-traditional sources such as hydrogen, biogas, biomass and geothermal.
“We think the proposed support scheme is a good basis for negotiations and cooperation with financial institutions, and will help potential investors in raising financing. This is vitally necessary for the implementation of renewable energy projects in our country”, he said.
Georgian Deputy Economy Minister Romeo Mikautadze on Tuesday highlighted energy security as a "necessary prerequisite" for ensuring growth and development, in remarks at the Energy Policy Forum organised by the United States Agency for International Development.
Georgian Deputy Economy Minister Romeo Mikautadze on Thursday highlighted the responsibility of the public to use energy resources “more wisely” at a school event for raising awareness of energy-saving practices.
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.
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.
Georgian Agriculture Minister Otar Shamugia on Thursday told the country’s Parliament the rate of agribusiness production had grown by 112 percent over the past 10 years, with a 14 percent growth marked in 2022 figures compared to the previous year.
Energy security goal of Georgian Government’s policy
Georgian Deputy Economy Minister Romeo Mikautadze on Wednesday told the World Utilities Congress in Abu Dhabi the goal of the Georgian Government was to ensure energy security of the country.
Twenty-seven companies have been declared winners in projects for renewable energy infrastructure, creating opportunities for over $2 billion in investment in Georgia’s energy sector, the Government Administration announced on Monday.
The Georgian Government will “gradually” sign the contracts with the companies that were declared winners of the first auction in projects for renewable energy infrastructure in July, the Economy Ministry said on Friday.
A Government meeting chaired by Prime Minister Irakli Garibashvili on Tuesday discussed the first auction of electricity production capacity initiated by the Ministry of Economy.