BAKU, Azerbaijan, Feb.16
By Tamilla Mammadova – Trend:
Georgia is one of the countries where Dutch Entrepreneurial Development Bank (FMO) has the most exposure, the FMO told Trend.
In 2020, we invested in 3 projects in Georgia, the source said.
"FMO subscribed for $65 million in the $250 million bond issue by Georgian Global Utilities (GGU). This is the first-ever Green Bond issue in Georgia. With our subscription, we support this long-standing FMO client in accessing international capital markets," the source noted.
"Our role as anchor investor was important to attract other commercial investors to participate in the issuance as well," the FMO said.
According to the source, the proceeds will be used to refinance all existing debt of GGU’s subsidiaries and will also allow GGU to invest an extra $30 million in further rehabilitating their water assets.
GGU through its subsidiaries operates 220 MW of hydropower plants and owns the only wind power plant in the country (21 MW). In addition, GGU fully owns the sole provider of water and wastewater treatment services in the greater Tbilisi area, the FMO said.
FMO is the Dutch entrepreneurial development bank. It supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. It focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water.
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