EBRD and TBC Bank to finance 14 MW hydropower projects in Georgia
The European Bank for Reconstruction and Development has provided support for the development of renewable energy in Georgia by financing the construction of a 13.7 MW combined capacity of three hydroelectric power plant.
Nakra, Khelra and Ipari hydro facilities are located in Svaneti province, in the northwestern parts of the country. The project is also envisioned to result in the reduction of 13,000 tonnes of CO2 emissions per annum.
The bank is arranging an up to US$14 million senior loan under the Risk Sharing Facility (RSF) with TBC Bank for the development, construction and operation of the projects.
Aquahydro Ltd is a special purpose vehicle established for the purpose of constructing and operating the three small HPPs. Aquahydro Ltd is currently 100 per cent owned by Aqua Energy LLC (Georgia). Construction Company Black Sea Group (Georgia) is expected to become up to 40 per cent shareholders for the project.
Country updates
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