EBRD to assess investment requirements in Georgia
BAKU, Azerbaijan, Sept.22
By Tamilla Mammadova – Trend:
The European Bank for Reconstruction and Development (EBRD) following a deal, agreed to provide technical support to assess the investment requirements in Georgia for green hydrogen generation, as well as to upgrade existing assets to transport blended hydrogen to end-users, Trend reports via the EBRD.
As reported, the technical cooperation will run over the next few years, setting out a timeline for potential investments after that.
The agreement was part of a broader transaction signed between Georgia’s Georgian Oil and Gas Corporation (GOGC) energy company and the EBRD, to lend the company 217 million euros to help it refinance a corporate Eurobond in the wake of this year’s COVID-19 slowdown.
GOGC provides 20 percent of Georgia’s electricity and is the main government entity ensuring the reliability of gas supplies in the country.
“Georgia is making a very timely move in terms of utilizing its hydro potential and future-proofing its gas infrastructure to accept low carbon fuels. We are pleased to support them with these first steps,” said Aida Sitdikova, Director and Head of Energy Eurasia, in the EBRD’s Sustainable Infrastructure Group.
“Technology moves and the cost is going down, and we will probably see the same pattern with green hydrogen as we did with solar power. Those that start early will have advantages; they will be prepared with the latest technology evolution,” said David Managadze, Regional Energy Head for Energy Eurasia in the EBRD’s Sustainable Infrastructure Group.
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