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Georgia's Kartli wind farm sold via auction

Oil&Gas Materials 15 November 2019 16:35
Georgia's Kartli wind farm sold via auction

BAKU, Azerbaijan, November 15

By Tamilla Mammadova – Trend:

An auction was held to sell a 100 percent stake of the Georgian Kartli wind farm on November 15, Trend reports refgerring to Georgian Ministry of Economy and Sustainable Development.

The auction was won by Caucasian Wind Company, which announced a purchase price of $14.4 million.

A preliminary share purchase agreement will be signed with the winning company within 10 days.

Within 40 days after signing the preliminary share purchase agreement, the Caucasian Wind Company will be able to arrange a loan with the European Bank for Reconstruction and Development (EBRD), which initially funded the farm project.

The market value of the wind farm amounted to $14.2 million.

If the loan agreement is not reached, the company must first pay off the loan amount, and then transfer the purchase price to the bank account specified by the sellers.

Kartli wind farm was put up for auction in July 2019.

The wind power plant has a capacity of 20.7 MW of electricity. It has six turbines, each generating 3.45 MW of electricity. The power plant was put into operation on December 20, 2016.

The wind farm project was funded by the Georgian Energy Development Fund (GEDF) and the European Bank for Reconstruction and Development.

Some 70 percent of the project costs were provided by EBRD. According to bank, it arranged 18.3 million euro syndicated loan to the company for the development, construction and operation of the wind farm.

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