News & Media

EBRD announced participation in Partnership Fund’s project

Posted on: 14 May 2015

European Bank for Reconstruction and Development (EBRD) will participate in implementation of the Nenskra HPP in Svaneti region. According to EBRD President Sir Suma Chakrabarti, the bank is ready to finance the project. "For us, one of the priority sectors is hydro energy and we decided to finance Nenska project,” Sir Suma Chakrabarti said. Partnership Fund works on construction of the Nenskra HPP together with K Water. According to Irakli Kovzanadze, CEO of the Partnership Fund, the official announcement by EBRD was made on May 13, which is a significant sign for the project’s success. "We and K Water worked actively to involve EBRD in this project and now I am very happy that they made a positive decision and will earmark $ 200 m for financing this project. Apart from EBRD, Asian Development Bank and Export-Import Bank of Korea will also participate in financing Nenskra HPP,” Irakli Kovzanadze said. Construction of the 280 mw Nenskra HPP will cost $ one bln. The HPP’s potential capacity will be 1.2 b kwt/h. Preparation works are due to start in July. The plant will start electricity generation in 2019.