Georgia launches Mtkvari $131m hydro power project
Monday, December 19Georgia is building a new $131 million USD hydro power plant on the Mtkvari River in the country’s south.
The Mtkvari Hydro Power Plant investment project was announced yesterday by Georgia’s Co-Investment Fund (GCF).
The project first started in 2009 but the construction process was then put on hold for a number of years. The GCF purchased the project and renewed the construction process now.
The GCF said the Mtkvari Hydro Power Plant willbe unique for several reasons: it was being built with the most advanced technologies and the construction process was monitored by Europe’s leading companies.
"The project has great importance for the development of Georgia’s economy,” GCF said.
"The fund has already invested in the project more than $53 million; more than 500 people are employed to construct the plant, and a source of multi-million permanent income is being created for the country’s budget.”
The GCF attracted investments worth $65 million from local banks for the project.
The Hydro Power Plant will be ready to operate in 2019.
The GCF is a $6bn private investment fund, with a mandate to provide investors with unique access through a private equity structure to opportunities in the region’s fastest growing industries and sectors.