BAKU, Azerbaijan, Feb. 3
By Maryana Akhmedova – Trend:
FCC Aqualia, a Spanish water supply organization, has invested $180 million in Georgia Global Utilities (GGU), the water utility and renewable energy holding company, and a subsidiary of the Georgian Capital investment company, Trend reports via Georgian Government Administration.
The current investment will significantly contribute to the Georgian water supply sector and the qualitative development of its management, the Prime Minister of Georgia Irakli Garibashvili said at the meeting with the CEO of Aqualia Felix Parra Mediavilla and the CEO of Georgian Capital Irakli Gilauri.
In exchange for the invested amount, Aqualia has acquired an 80-percent stake in the Georgian Water and Power, a leading company on the water supply market of Georgia and South Caucasus. The remaining 20 percent is still owned by the Georgian Capital.
The sides also assessed close relations between Spain and Georgia at the meeting. PM Garibashvili noted that Georgia is a reliable and stable business partner.
According to the PM, Georgia has undergone a significant transformation over the last decade and is rapidly moving towards a more liberal and free-market economy with one of the lowest tax rates in the world and access to public services.
Meanwhile, recently S&P Global Ratings Agency has revised its outlook for Georgia Global Utilities (GGU), the water utility and renewable energy holding company, from “positive” to “stable” due to the undergone talks with Spanish Aqualia.
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