On January 31st the Board of Directors of European Bank for Reconstruction and Development (EBRD) unanimously approved the financing of Nenskra Hydropower Plant project (HPP), which will become the largest HPP constructed in the recent history of independent Georgia.
Namely, provision of a senior secured loan of up to US$ 214 million to JSC Nenskra Hydro to finance the development and construction of a 280 MW Nenskra HPP, as well as provision of a US$ 15 million equity investment in JSC Nenskra Hydro, the Nenskra HPP project company. EBRD is satisfied the project meets EBRD’s environmental standards. It will reduce greenhouse gas emissions and will secure the country’s energy supply.
The project is being carried out by Korea Water Resources Corporation K-water and JSC Partnership Fund, which has recently become an official shareholder in the project company JSC Nenskra Hydro.
Nenskra Hydropower Plant will be constructed in the Nenskra and Nakra river Valleys in Mestia Municipality of the Svaneti region. The HPP will generate approximately 1’200.00 GWh of electricity annually, which will be fully consumed by the Georgian market, contributing to significant decrease of energy import in winter time.
The Nenskra HPP construction is scheduled to commence in 2018, in the meantime the preparatory works are going on in the Nenskra Valley, as well as works within the framework of the Community Investment Program that was designed to contribute to the sustainable development of the Nenskra and Nakra Valleys, through investing in the development of small and medium-sized enterprises locally, skills training of the community members and so on.
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