Georgia’s Ministry of Economy announces auction on production, use of renewables

Georgia Materials 14 February 2023 02:37 (UTC +04:00)

Georgia’s Ministry of Economy and Sustainable Development on Monday announced an auction for production and utilisation of renewable energy sources that has been described as an “important step” for ensuring energy independence of the country by Deputy Minister Romeo Mikautadze, Trend reports citing Agenda.

Initiated by Prime Minister Irakli Garibashvili, the initiative involves use of local resources and is aimed at attracting investments, Mikautadze also said, noting the auction would run in a “competitive, market-based environment” and ensure “fair prices for both the state and the business”.

The mechanism has been drawn up for companies that are implementing energy projects in Georgia and need additional incentives to develop further.

The auction involves projects for hydroelectric power stations with 150 MW of power, wind power plants of 70 MW, solar power plants with 70 MW and facilities operating on other renewable energy sources with the power of 10 MW.