BAKU, Azerbaijan, Feb.1
By Tamilla Mammadova – Trend:
Namakhvani hydropower plant (HPP) is an important contribution to strengthening the energy independence of Georgia, like any other HPP being built in country, said the Minister of Economy and Sustainable Development of Georgia Natia Turnava, Trend reports via Georgian media.
“We have every chance to become an exporter of electricity and a strong country that is proud of its energy independence," she said.
According to her, most of the electricity generated in Georgia is "green". It is produced using water, which is the national wealth of Georgia.
“Namakhvani HPP is an important project that has always been supported by the state. This does not mean that we have not set strict requirements for project investors. Various studies, including geological ones, continued for almost two years. The result is that the Namakhvani HPP is one of the most well-developed and safest projects. Several international organizations have studied and confirmed that from the same geological point of view, the Namakhvani hydroelectric power station is one of the safest in terms of seismic characteristics,” said Turnava.
The Namakhvani hydropower plant cascade project is being implemented with a direct foreign investment of up to $800 million in Georgia
The main investor and majority owner of the project is the Turkish ENKA (ENKA Inşaat ve Sanayi A.Ş.) corporation.
The Namakhvani HPP Cascade comprises the Lower Namakhvani HPP with an 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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