Government promoting hydro electricity with foreign help
Monday, June 13The Georgian government, represented by the Minister of Energy and Natural Resources Alexander Khetaguri and Clean Energy Invest represented by Executive Chairman Bard Mikkelson, signed the Implementation Agreement which regulates the development of the hydropower potential of the Adjaristsqali River at the Sheraton hotel in Batumi on 10th June.
The project is envisaged as one of the largest foreign direct investments in Georgia to date, with an estimated cost of up to 660 million USD. The pre-feasibility study prepared by the Norwegian engineering consultants Norconsult, outlines a project with up to 300 MW of installed capacity and 1200 GWh of annual generation, making it one of the larger hydro projects under development in Europe.
The Adjaristqali project is developed in cooperation with Clean Energy Invest and IFC InfraVentures, an early stage project developer launched by IFC and a member of the World Bank Group.
The main benefits for Georgia from the development of the project are expected to be:
• The project will enable Georgia to use more of its energy resources to meet electricity demand during the winter, reducing the need to import gas
• The export of electricity will be a major source of export income for Georgia
• The project will contribute with employment opportunities for local people
• Municipalities along the Adjaristsqali River will receive local property tax income
Clean Energy Invest is a Norwegian based company which develops hydro projects in countries with a sustainable energy framework and untapped hydro potential.