The European Bank for Reconstruction and Development has agreed to provide US$200 million for Georgia’s 280-MW Nenskra hydropower plant.
The financing, announced during the EBRD’s annual meeting in Tbilisi, will help Georgia’s state-owned shareholding company, Partnership Fund (PF), construct the $1 billion project.
The hydroelectric plant is being developed by the Korea Water Resources Corporation and is planned for the Nenskra River in Georgia’s Upper Svaneti region. K-Water and PF signed an agreement to construct the plant last year.
“We have been actively working with K-Water to assure EBRD would become involved in this project,” PF executive director Irakli Kovzanadze said. “I am glad that EBRD made a very positive decision for us.”
Nenskra is also being financed by the Asian Development Bank and Export-Import Bank of Korea.
The project is planned for completion by 2019.
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