The debt financing includes two $90m long-term senior loans one each from ADB and EBRD, and $70m from IFC.
IFC has already made $34m equity investment in the project, through the joint venture Adjaristsqali Georgia.
IFC holds a 20% stake in the JV, while India’s Tata Power and Norway’s Clean Energy Invest own 40% each.
Expected to produce about 450 gigawatt hours annually, the Shuakhevi facility will meet Georgia’s electricity demand during winter, and other times export power to Turkey through a transmission line funded by EBRD.
EBRD power and energy director Nandita Parshad said: "It is particularly fulfilling to see private investment in energy generation projects stimulated by EBRD’s initial investment in the Georgia-Turkey cross-border transmission line."
The 187MW Shuakhevi hydropower scheme includes development of Shuakhevi and Skhalta hydropower plants in the Adjara region in southwest Georgia.
Work on the project commenced in September 2013, and the plant is expected to begin production in 2016.
Image: The Shuakhevi hydropower project in Georgia will meet winter demands in the country. Photo: courtesy of European Bank for Reconstruction and Development.
