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| Development Banks Involved in Hydropower Projects |
The involvement of multi-national banking institutions is critical to the completion and modernization of hydroelectric projects, particularly in the developing world. This article details nearly US$16 billion in funding recently awarded for work at more than 50 projects.
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| Magana and Leqardec HPPs Planned | Atac Insaat informs in a filing with the Istanbul Stock Exchange that it signed a protocol with the Ministry of Energy and Natural Resources of Georgia to build and operate two hydropower plants, namely Magana and Leqarde, in the Guria region of Georgia. | |
| Georgia Looks to Korea, Hydro Power, for Development | Vera Kobalia, Georgian minister of economy and sustainable development Korea to look for investment and partnerships and has met with, among others, KOGAS, Kolon, and SK representing her country as a place of high potential and numerous opportunities for companies. “The business environment is easy, clean and cheap.” Georgia has made respectable advances in its energy industry and leveraged its key asset, its geographical location, in exporting it. President Mikheil Saakashvili made this the utmost priority after his election in the 2003 Rose Revolution and has continued since his re-election in 2008. Once a country with frequent outages, Georgia now exports about one billion kilowatt-hours per year. “Many companies come in, connect to the grid and sell abroad,” said Kobalia. The Georgian Ministry of Energy figures say its capacity runs at only 18 percent of its full potential. | |
| Hydro Investment in Georgia Proceeding | Dariali, Larsi, Shilda and three hydroelectric power stations Namahvani, eight in total, all have found investors.
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| NIB Opens Environmental Loan Facility for Black Sea Countries | The Nordic Investment Bank (NIB) and the Black Sea Trade and Development Bank (BSTDB) have concluded a new agreement opening a loan facility aimed at reducing greenhouse gas emissions in the BSTDB's member countries.
The new loan programme has a 10-year maturity and totals EUR 30 million. At least 70% of the loan programme is to be allocated for this purpose of reducing the emissions of greenhouse gases in countries around the Black Sea. Sub-projects are expected to be implemented in the sectors of renewable energy, energy efficiency and energy saving as well as public transportation. The BSTDB is an international financial institution of Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. | |
| World Bank Supporting Renewable Energy Investment in Georgia | "After large investments in the financial sector to respond to the global financial crisis, IFC is now focusing on sectors which will remove constraints to longer term growth," said Thomas Lubeck, IFC Regional Head for the Caucasus. "We see a lot of potential to leverage areas where Georgia has a natural competitive advantage including renewable energy, agriculture, and infrastructure." | |
| Georgia Seeking Foreign Investors for 50MW Wind-Energy Project | Georgia is seeking foreign investors for a 50-megawatt wind-power plant valued at $100 million, Deputy Energy Minister Mariam Valishvili said. | |
| Turkish and Georgian Energy Ministers Sign HPP Protocol Agreement | The power plants to be constructed by Agaoglu Energy will be built over the River Paravani and will have an annual production capacity of 277 million kWh. The construction work is expected to take 4 years. | |
| Georgia's Ability to Export Power, Hydro Growth Noted | Georgia has turned from an electricity importer to an electricity exporter in only five years.
The abundant hydropower resources in the South Caucasus country has not only made the change possible, but created potential for increasing the exports due to an overlap between Georgia's peak generating capacity and its neighbours' peak demand period in summer. | |
| Georgia Plans Additional Hydro Investment | Georgia aims to become a major electricity exporter by luring private investors into the construction of new hydro-power plants and possibly selling minority stakes in the sector, its energy minister told Reuters. | |
| Georgian Prime Minister Nika Gilauri Looking for Hydro Plant Investors | "In my speech I focused on Georgia's hydro potential," he said. "We are already exporting electricity to our neighbors and in the near future we intend to increase exports. | |
| EIB/EBRD Offer Hydropower Loans for Republic of Georgia | The European Investment Bank (EIB) granted a €20 million loan to the Republic of Georgia to finance the completion of the rehabilitation of the generator units of the Enguri hydropower plant and investments at the Vardnili hydropower cascade. | |
| EIB Adds Credit Line for Georgia Renewables | The European Investment Bank (EIB) has announced a €35 million credit line for the financing of small and medium sized company projects in Georgia under the SME Eastern Partnership Initiative. The financing includes a tranche for small and medium scale energy and environment projects. | |
| Black Sea Energy Transmission to Allow Hydropower to Flow Between Georgia and Turkey | With more than 26,000 rivers, Georgia is rich in hydropower potential. However, the limited capacity of the country’s electricity transmission grid prevent this natural advantage from translating into major economic benefit. The Black Sea Energy Transmission System, a project supported by the EU-funded Neighbourhood Investment Facility (NIF), is set to bring change. The Euro 300 million project will help connect the power grids of the Southern Caucasus countries and increase electricity exports to Turkey and Europe, while bolstering energy security in the region. | |
| Portugal Interested in Georgian Hydro and Solar | Minister of Foreign Affairs of Portugal, Luis Filipe Marques Amado paid a two day official visit to Georgia, December 2-3. Georgia and Portugal agreed on collaborating in the field of alternative energy and signed a memorandum on bilateral political consultations. | |