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Minister announces new era in Georgia’s energy sector

By Tatia Megeneishvili
Wednesday, February 18
A major project to renovate and modernize one of Georgia’s most important Enguri hydro power plants (HPP) will start at the end of 2015.

This information was revealed by Georgia’s Energy Minister Kaka Kaladze at the energy conference organized by TBC Bank on February 17.

The Enguri HPP is located in a challenging place – the dam is partially located in Georgia’s breakaway region of Abkhazia.

Kaladze noted other HPPs in Georgia had been privatized and already belonged to private businesses. The only state-owned HPP in Georgia was Enguri HPP, he said.

According to the General Director of TBC Bank Vakhang Butskhrikidze, the energy conference, which was organized and planned by the commercial bank, was held for the first time in Georgia in such scales.

Butskhrikidze said that the energy sphere is one of the most important sectors for the Georgian economy.

“During the last several years, we have launched 10 different projects with the cost of over 150 million GEL. We want to become even more active in this field and launch other new projects,” stated Butskhrikidze.

Kaladze thanked TBC Bank for its support and described it as one of the most leading and distinguished banks in Georgia.

The minister also confirmed the energy field as one of the guarantees of state security. He stressed that Georgia has huge potential with regard to the energy sector development.

“The ministry has already started studying the hydro potential of some rivers around Georgia,” he said.

“The outcome of the research will be ready in October 2015. We are working to get foreign investors interested in Georgia.

“The role of international financial institutions and local banks in the development of the energy field is crucial. That’s why we work with them very closely,” stated Kaladze.