Saturday 17 October 2015

$723m to build hydropower plant in Georgia

$723m to build hydropower plant in Georgia

A hydropower project in Georgia is receiving a $723 (£469.9m) million investment.

It comes from the Georgian Co-Investment Fund (GCF) after signing a Memorandum of Understanding with the country’s government.

The Tskhenistskali hydropower plant, which will be owned by GCF, is expected to have a capacity of 347MW.

The electricity generated will be used for domestic consumption during the winter and exported during the summer.

George Bachiashvili, CEO of GCF said: "The project will not only bring significant benefits to the domestic electricity market and the local population but they will also enable Georgia to become a prominent energy exporter catering for power demand from the region’s big growth economies."

Written by

Bruna Pinhoni

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