The European Bank for Reconstruction and Development (EBRD) approved a $52m loan to support the financing of the power plant, which is situated on the Paravani river in the Samstkhle Javakheti region near the border with Turkey.
It is located between the settlements of Ahalkalaki and Khertvisi about 30km to 40km from the Turkish-Georgian Border in the southeast of Ahaltsikhe in the west of the Tbilisi in Georgia.
The facility is expected to generate 450.7 GWh of energy per year.
Turkey-based Anadolu Group built the plant, which is linked to the Georgian electricity system through a 220kV line to the Akhaltsikhe substation.
EBRD director for the Caucasus, Moldova & Belarus Bruno Balvanera said: "The EBRD is proud to see its efforts of supporting the development of renewable energy in Georgia bearing fruit. This power plant is a landmark project as the first private, large-scale renewable power generation project in Georgia which will also have a cross-border dimension."
The International Finance Corporation allocated $40.5m for the plant, and additional $23m were invested by several commercial banks.
The plant will significantly improve the Georgia’s energy supply and electricity independence and will play an important role in the country’s non-carbon energy mix in the future.
Majority of Georgia’s energy generation comes from hydroelectric facilities and the country has the potential to increase hydro-generated power, through refurbishing existing facilities, as well as building new plants.
Georgia has transmission lines that connect its power grid to Russia, Turkey, Armenia and Azerbaijan.
Image: The Paravani hydroelectric power plant is expected to generate 450.7 GWh of energy per year. Photo: Courtesy of European Bank for Reconstruction and Development.
