News & Media

Partnership Fund starts construction of Nenskra HPP

Posted on: 31 Aug 2015

The Partnership Fund together with K-Water, a Korean company, Georgian Government, Georgian State Electricity System and Electricity System Commercial Operator has signed an implementation agreements, which envisages construction of Nenskra Hydro Power Plant in Svaneti. The implementation package combines implementation agreement of the project, power purchase agreement and other project-related enclosed contracts. The Prime Minister of Georgia, the government representatives, lawmakers, and representatives of economic and financial sectors attended the signing ceremony. According to Irakli Kovzanadze, CEO of the Partnership Fund, signing on this package means that all technical, financial and judicial details have been already agreed and the construction company will launch preparation works soon. "This is the largest HPP ever constructed in the history of independent Georgia,” Irakli Kovzanadze said. A 280 mw Nenskra HPP project will be implemented by the Partnership Fund on the river Enguri, upper Svaneti mountainous region. The HPP’s potential capacity will be 1.2 b kwt/h. The plant will produce the electricity in 2019. The project will be completed by 2021. The European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and Korea Eximbank are also involved in this project and will provide financing for it. The total cost of the project is estimated at $ 1 billion. The Fund’s advisor is International Financial Corporation (IFC). Salini Impregilo will carry out the construction works.