In the presence of the Prime Minister of Georgia, Irakli Garibashvili, the Minister of Energy, Kakha Kaladze, and Turkey’s Minister of Energy and Natural Resources, Taner Yildiz, the Paravani Hydroelectric Power Plant will be opened in Georgia on Saturday. The EBRD, the principal financier of the largest renewables project in the country to date, will be represented by Bruno Balvanera, its Director for the Caucasus, Moldova & Belarus.
The completion of the hydro power plant marks a milestone for Georgia as it will significantly improve the country’s energy supply and energy independence. The plant will have a capacity of 85 MW and is located on the Paravani river in the Samstkhle Javakheti region near the border with Turkey. The project will play a key role in the country’s non-carbon energy mix in the future.
Mr Balvanera commented: “The EBRD is proud to see its efforts of supporting the development of renewable energy in Georgia bearing fruit. This power plant is a landmark project as the first private, large-scale renewable power generation project in Georgia which will also have a cross-border dimension.”
The EBRD approved a $52 million loan to support the financing of the power plant. The International Finance Corporation contributed $40.5 million and another $23 million were raised from commercial banks. The power plant was built by Turkey’s Anadolu Group. It is connected to the Georgian electricity system via a 220kV line to the Akhaltsikhe substation, which has also been financed by the EBRD.