German bank to provide loan for small, medium-sized hydropower plants in Georgia
Tbilisi, Georgia, Dec.3
By Nana Kirtzkhalia - Trend:
Georgian Energy Minister Kakha Kaladze, General Director of Bank of Georgia Irakli Gilauri and the director of the regional office of the German Development Bank (KfW) for the South Caucasus Lars Oermann held a joint event aimed at promoting the development of small and medium-sized hydroelectric power plants.
Investors and the invited guests got acquainted with the possibilities of financing offered to them by the Bank of Georgia for the construction of small and medium-sized hydropower plants.
A loan agreement signed between the Bank of Georgia and KfW in the amount of 25 million euros allows interested investors to take advantage of long-term bankroll for projects implementation in the field of renewable energy, mainly for the construction and rehabilitation of small hydropower plants.
This funding also provides costly technical support absolutely for free. The world's leading Austrian company Posch & Partners will provide the technical support.
The Bank of Georgia has extensive experience in financing the energy sector. As of September 30, some 8.1 percent of the loan portfolio of corporate banking service falls on the energy sector.