BAKU, Azerbaijan, Nov. 18
By Tamilla Mammadova – Trend:
The Namakhvani hydropower plant (HPP) cascade project is being implemented with a direct foreign investment of up to $800 million in Georgia, ENKA Renewables LLC told Trend.
As the company noted, the main investor and majority owner of the project is the Turkish corporation ENKA (ENKA Inşaat ve Sanayi A.Ş.) with a 63-year history.
"The company operates mainly in the fields of engineering, construction, and energy in 64 countries around the world, where it currently employs more than 20,000 people. Some 10 percent of the project is owned by the Norwegian Clean Energy Group," ENKA Renewables said.
According to the company, the Namakhvani HPP Cascade comprises the Lower Namakhvani HPP with the installed capacity of 333 MW and an estimated annual generation of 1,135 GWh, and the Upper Namakhvani HPP with an installed capacity of 100 MW and estimated annual generation of 343 GWh.
Meanwhile, the project comes with a 15-year power purchase agreement with the Government of Georgia, backed by a state guarantee for eight months of the year (September through April). These months will account for about 60 percent of the power to be generated by the project. Amounts generated over the guarantee, as well as any power generated following the expiry of the power purchase agreement, will be sold in the domestic market or exported.
According to the plan, the Namakhvani HPP cascade will be commissioned in 2024.
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