Prime Minister Irakli Kobakhidze announced that Georgia will cancel around GEL 1 billion in accumulated fines and penalties owed by energy companies involved in renewable energy projects. The government says the measure is intended to remove financial barriers that have stalled development and to stimulate investment in the sector.
Kobakhidze noted that debt relief will not be unconditional. Companies that fail to meet revised project deadlines or show signs of negligence will be required to pay both future fines and the liabilities now being forgiven.
The Prime Minister stated that the initiative represents a new stage in Georgia’s energy policy, one focused on strengthening economic growth and energy independence through closer cooperation between the state and developers. Updated agreements and project timelines will be established to clarify obligations on both sides.
Kobakhidze thanked the Ministry of Economy and Sustainable Development, led by Mariam Kvrivishvili, for preparing the decision, expressing confidence that companies will now be better positioned to advance renewable energy projects across the country.
