About Civil.ge
Eng | Geo | Rus
Last updated: 01:04 - 23 Jun.'17
RSS
Mobile
Twitter
Facebook
USD 115.5m EBRD, IFC Funding for Paravani HPP
Civil Georgia, Tbilisi / 23 Jun.'11 / 18:24

European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) will provide USD 115.5 million credit to finance construction of 87 MW Paravani hydro power plant in the south-west of Georgia.
 
The credit will be provided to Georgia Urban Energy, the Georgian subsidiary of the Turkish conglomerate Anadolu Group.

EBRD said it will provide USD 52 million of the total financing, with USD 40.5 million coming from the IFC, a member of the World Bank Group and a further USD 23 million syndicated via commercial banks. As part of the project, EBRD will also take USD 5 million equity in Georgia Urban Energy.

The Georgian government made the deal with the Turkish company on Paravani HPP based on build, operate and own model (BOO).

The project, which will use a 14 km derivation tunnel in order to divert 90% of water from the Paravani river to the Mtkvari river, envisages supply of electricity to the Georgian market during the winter period and exporting power to the Turkish market in the remaining nine months of the year.

EBRD said this credit to the project was “its first investment in the renewable energy sector in Georgia.”

Like in case of other large-scale hydro power projects, environmentalists are voicing concerns over the Paravani HPP too, saying that negative impact from such projects outweigh economic benefits.

According to the Tbilisi-based environmental group, Green Alternative, one of the main concerns relate to possibility of flooding the village of Khertvisi and calls for additional study of the impact of the project on the village.

Latest News
23 Jun.'17 01:04
Moscow Cuts ‘Investment’ Funding for Tskhinvali
90% of South Ossetia’s budget for 2017 was subsidized by the Russian Federation.
22 Jun.'17 17:20
Crime Wave Stirs Public Outcry in Abkhazia
Public demands action to stop “lawlessness” in the region, authorities promise to investigate the cases.
21 Jun.'17 16:59
Senior MEP: Mukhtarli Case ‘Very Alerting’
Rebecca Harms called for “an independent investigation” both in Azerbaijan and Georgia.
21 Jun.'17 16:16
Parliamentary Opposition Renews Calls for Plebiscite over Constitution Reform
Movement for Liberty - European Georgia submitted 150,000 signatures to the Government administration.
21 Jun.'17 14:21
Venice Commission on Georgia’s New Constitution
The Council of Europe’s (CoE) advisory body for legal affairs released its opinion on June 19.
21 Jun.'17 11:48
FM Janelidze Joins EaP Ministerial in Luxemburg
Federica Mogherini chaired the EU and EaP foreign ministers’ gathering to discuss further cooperation.
20 Jun.'17 19:05
PACE Media Freedom Rapporteur on Mukhtarli Case
Volodymyr Ariev calls for immediate release of Azerbaijani journalist.
20 Jun.'17 18:23
Prime Minister Kvirikashvili on Mukhtarli Case
Giorgi Kvirikashvili calls for avoiding “premature conclusions” over the Azerbaijani journalist’s case.
20 Jun.'17 17:40
President Declines Request for Convening Special Parliamentary Session
Margvelashvili caled on the Parliament to continue working on a ‘consensual’ text of the constitution.
20 Jun.'17 16:07
Georgian Journalists Request Meeting with PM Kvirikashvili
Journalists speak of ‘delayed’ investigation and unaddressed questions in Afgan Mukhtarli’s case.

About Civil Georgia
Civil.Ge © 2001-2017, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
98