The new facility will help the country meet its power requirements in winter. Besides, Georgia, which has achieved almost self sufficiency in power generation, will be able to export some electricity to Turkey.
The project is located in Racha-Lechkhumi Kvemo Svaneti region, Lentekhi and Tsageri municipalities, on the river Tskhenistskali.
It will have a total installed capacity of 347.1 MW and annual generation of 1,743.7 M kWh.
The power will be transported to Turkey through a transmission line, which has been financed by the European Bank for Reconstruction and Development.
GCF is a $6bn private equity fund with its base in Tbilisi.
Billionaire and former Prime Minister Bidzina Ivanishvili is an investor in the fund, which targets investment in energy, manufacturing, tourism and agriculture.
Meanwhile, GCF has inked a contract with Icelandic power firms Verkis and Landsvirkjun Power in order to jointly undertake a feasibility study for the Tskhenistskali Cascade of the plant.
GCF CEO George Bachiashvili was quoted by Reuters as saying: "These projects will not only bring significant benefits to the domestic electricity market and the local population, but they will also enable Georgia to become a prominent energy exporter catering for power demand from the region’s big growth economies.
GCF managing director of energy and infrastructure Irakli Menabde said: "We are very pleased to be playing a pivotal role developing the local as well the regional Electricity market.
"The scale and the technical attributes of the Tskhenistskali Cascade of HPPs will play a significant role in securing sustainable regional economic development as well as create significant opportunities in the local economy through job creation for thousands and infrastructure development."
Image: The new hydropower facility will help Georgia meet its power requirements in winter. Photo: Courtesy of Vichaya Kiatying-Angsulee/Freedigitalphotos.net.
