BAKU, Azerbaijan, Feb. 10
By Tamilla Mammadova – Trend:
JSC "Georgian State Electrosystem" finished 2020 with a net profit of 22.2 million lari ($6.7 million), Trend reports via Georgian media.
Revenues from high voltage networks have made up 138.7 million lari ($41.9 million).
JSC "Georgian State Electrosystem" was owned by Partnership Fund until 2020, while the company along with the ESCO has moved under the management of the Ministry of Economy. Moreover, the “rehabilitation” of the company carried out from 2008 is also completed. The “rehabilitation” process meant the payment of a liability of 118 million lari ($35.6 million).
"Since 2008, the company has been operating in accordance with the approved rehabilitation plan to ensure an uninterrupted supply of electricity. The amount of debt owed towards the creditors amounted to 118.35 million lari ($35.7 million). The rehabilitation period was set at 15 years, but the company was able to get out of the current regime in 2021 instead of 2023 and pay off the debt,” Georgian State Electrosystem notes.
Now, the company is implementing projects funded by international donors with a loan of 446 million euros:
1) Open Program Extension Transmission Network Georgia (Phase 2) (135 million euros, KfW);
2) Energy Sector Open Program (100 million euros, KfW);
3) Transmission Network Strengthening Project (90 million euros, EBRD);
4) Transmission Network Strengthening Project ($59 million, World Bank)
5) Electricity Supply Reliability and Financial Recovery Project (62 million euros, World Bank).
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