EBRD to allocate $80M for plant construction in Georgia
Tbilisi, Georgia, Nov.7
By Nana Kirtzkhalia - Trend:
Dariali Energy JSC of Georgia and the European Bank for Reconstruction and Development have signed a financing agreement.
The agreement was signed by the Director General of Dariali Energy Zurab Alavidze and EBRD Director for Power and Energy Nandita Parshad. Georgian Energy Minister Kakha Kaladze also attended the signing ceremony.
The agreement envisages allocation of up to $80 million worth of loan for the development, construction and commissioning of the Dariali hydro power plant. This is an example of successful public-private partnership in Georgia's energy sector.
Kaladze said this is the first time that an international financial organization directly finances the project. "This once again proves that the domestic developments will not hinder the implementation of ongoing and planned projects in the country. We will waste no effort to be able to use Georgian resources in the near future and ensure the country's energy independency."
Alavidze said that the project cost is equal to $123 million.
"Around 300 people, the absolute majority of whom are local residents, will be employed during the period of construction of the plant," he said. "The construction will be completed in December 2015."
Edited by CN