Gov’t to sign contracts “gradually” with winning companies of first auction of renewable energy projects

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.

Among the projects presented at the Government session on Friday, two involve building wind farms, one solar power plant and seven hydropower plants, that will reach over 165 megawatts of installed capacity and will total $225 million in investments.

The Ministry noted the auction results confirmed that the new scheme, supporting the production and use of renewable energy, was implemented successfully, which would ultimately create opportunities for over $2 billion in investment in Georgia’s energy sector.

• Gov’t approves first auction of renewable energy projects with 27 winning companies

The state body said that within the scope of the new scheme, a total of 78 applications had been submitted in the auction, adding investors “have shown extremely high interest” in the call, with applications for over 900 megawatts of installed capacity submitted for the auction that had called for 300MW in the first phase.

A total of 27 companies have been announced as winners in projects that involve the building of 10 solar power plants, two wind farms and 15 hydropower plants.