The FINANCIAL — Batumi, Georgia, 10th of June 2010 — The Georgian government, represented by the Minister of Energy and Natural Resources Alexander Khetaguri and Clean Energy Invest represented by Executive Chairman Bard Mikkelson, signed the Implementation Agreement which regulates the development of the hydropower potential of the Adjaristsqali river at the Sheraton hotel in Batumi on 10th June.
The project is envisaged as one of the largest foreign direct investments in Georgia to date, with an estimated cost of up to 660 million USD. The pre-feasibly design prepared by the Norwegian engineering consultants Norconsult, outlines a project with up to 300 MW of installed capacity and 1200 GWh of annual generation, making it one of the larger hydro projects under development in Europe.
The Adjaristqali project is developed in cooperation between Clean Energy Invest and IFC InfraVentures, an early stage project developer launched by IFC, a member of the World Bank Group. .
The main benefits for Georgia from the development of the project are expected to be:
- The project will enable Georgia to use more of its energy resources to meet electricity demand during the winter, reducing the need to import gas
- The export of electricity will be a major source of export income for Georgia
- The project will contribute with employment opportunities for local people
Municipalities along the Adjaristsqali river will receive local property tax income
Clean Energy Invest is a Norwegian based company which develops hydro projects in countries with a sustainable energy framework and untapped hydro potential.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
Contact: Bjorn Brantzaeg, Clean Energy Invest, +995 93354999, email: bjorn.brantzaeg@cleanenergyinvest.no www.cleanenergyinvest.no
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