Georgia secures EIB funding for hydropower plant rehab

The European Investment Bank (EIB) announced it is lending EUR 20 million (USD 25.9 million) to Georgia to finance the completion of rehabilitation of Enguri hydropower plant and Vardnili hydropower cascade.

The 1,250-MW Enguri HPP, the largest in the region, is located on the administrative border of breakaway Abkhazia. Its generators are located on the Abkhaz side of the administrative border, and its arch dam is located on the Georgian-controlled territory.

The EIB funding will be allocated for the rehabilitation of two out of five generator units of the Enguri HPP and rehabilitation of Vardnili 1 waterways and the canal of the cascade – located downstream of the Enguri HPP.

EIB said it would co-finance the project alongside a loan of also EUR 20 million from the European Bank for Reconstruction and Development (EBRD) and a grant of EUR 5 million from the EU Neighbourhood Investment Facility.

The European Investment Bank recently approved a EUR 140 million loan for the EUR 282 million (US397.3 million) Metolong Dam and Water Supply Program in Lesotho.

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