Georgia to receive loan worth $250M for hydropower plant construction

Oil&Gas Materials 21 March 2015 13:37 (UTC +04:00)

Tbilisi, Georgia, March 21

The International Finance Corporation (IFC) allocated a loan worth $ 250 million for the construction and commissioning of the Shuakhevi hydropower plant to develop the energy sector of Georgia, the European Bank for Reconstruction and Development (EBRD) said.

The Shuakhevi hydropower plant is expected to meet Georgia's needs of electricity in winter, to reduce dependence on imported fuel and to increase the production of renewable energy sources.
Moreover, new jobs will be created, the revenues of the municipalities will be increased and the road infrastructure will be improved as a result of the construction of the hydropower plant.

The Shuakhevi hydropower plant will be the first plant of this kind in Georgia. It received the certificate of the UN Framework Convention on Climate Change to reduce carbon emissions. It is expected to generate 450 gigawatt / hour of energy per year and reduce greenhouse gas emissions by more than 200,000 metric tons per year. The work began in 2013. It is planned to begin production in 2016.

The International Finance Corporation (IFC) is an international financial institution. The IFC is a member of the World Bank. The headquarters of the organization is located in Washington (USA). It was established in 1956 to ensure sustainable inflow of private investments in developing countries.