Enterprise Georgia to finance renewable energy production

Enterprise Georgia will finance projects aiming to produce electricity using renewable energy sources, the body announced on Wednesday.

The agency said it would support projects for small hydropower plants using solar, wind or hydro energy under 0.5 megawatt capacity with loans or lease.

Director Mikheil Khidureli said production and development of renewable energy was “one of the priorities” of the country and added the initiative would benefit the growth of the sector and the state’s energy future.

The support comes as part of a programme aiming to foster entrepreneurship, encourage start-ups and growth of new businesses, support expansion and retooling of existing ones, and boost the competitiveness of the private sector by facilitating easier access to capital.

Enterprise Georgia uses the platform to subsidise loan interests for the full term of loans, providing financing for industrial sector, hotels, balneological resorts, tourist services, agritourism business and ecotourism industry.

Business owners can also benefit from a credit guarantee mechanism in which the state serves as their 80 percent guarantor for bank credits.