Georgia’s Co-Investment Fund Launches Mtkvari HPP Project

Georgia is set to have a new Hydro Power Plant (HPP) in Akhaltsikhe Municipality, in southern Georgia, on the river Mtkvari.

The project was launched by Georgia’s Co-Investment Fund (CIF). The project was started in 2009 but construction works were subsequently suspended. In 2014, the CIF purchased a 100 percent share of the project, and renewed the works this year.

The USD 131 million project was introduced by the CIF on Friday at a presentation attended by the Energy Minister and Deputy-Premier, Kakha Kaladze, and Infrastructure Minister, Zurab Alavidze.

“Implementation and financing of such projects promotes the rapid development and progress of all regions of the country,” Kaladze said.

Georgia’s Co-Investment Fund underlined that the Mtkvari HPP is being built with the most advanced technologies, and the construction process monitored by Europe’s leading companies.

"The Fund has already invested more than USD 53 million in the project, more than 500 people are employed in construction of the plant, and a source of multi-million permanent income is being created for the country’s budget,” CIF representatives said.

Georgia’s Energy Ministry reports that the total installed capacity of the HPP will be 53 Megawatts. It is expected to produce 255 million MW/ h power annually.

The Mtkvari Hydro Power Plant is slated to become operational in 2019.

Thea Morriosn

19 December 2016 20:44