BAKU, Azerbaijan, July 29
By Tamilla Mammadova – Trend:
The Asian Development Bank (ADB) announced an investment of about $20 million in green bonds to be issued by Georgia Global Utilities (GGU), with proceeds to upgrade the water supply system and sanitation in Tbilisi and nearby municipalities, Trend reports via the ADB.
GGU is a holding company with two major business lines involving renewable energy, water supply and sanitation. The latter operated primarily through its subsidiary Georgian Water and Power LLC, which is the largest privately-owned utility company in Georgia, serving around 1.4 million customers.
"ADB’s assistance will help ensure that communities in and around Tbilisi are supplied with water 24 hours per day, and that water supply and sanitation systems in those urban centers function properly," said Director of Infrastructure Finance, South Asia, Central Asia, and West Asia at ADB’s Private Sector Operations Department Shantanu Chakraborty.
As he noted, ADB’s anchor investment will demonstrate to potential investors the compelling investment opportunities in financing water and clean energy initiatives in Georgia’s private sector.
ADB will also administer a further investment of up to $20 million in the bonds by Leading Asia's Private Infrastructure Fund (LEAP).
The investments form part of a $250 million issue by GGU of 5-year green bonds - Georgia’s first green bond issuance - that will be listed on the Global Exchange Market of the Irish Stock Exchange.
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