Azernews.Az

The Paravani Hydroelectric Power Plant will be opened in Georgia on Saturday in the presence of Prime Minister of Georgia Irakli Garibashvili, Energy Minister Kakha Kaladze and Turkey's Energy and Natural Resources Minister Taner Yildiz, the EBRD reported.

The European Bank for Reconstruction and Development, the principal financier of the largest renewable project in the country to date, will be represented by Director for the Caucasus, Moldova & Belarus Bruno Balvanera.

"The EBRD is proud to see its efforts of supporting the development of renewable energy in Georgia bearing fruit. This power plant is a landmark project as the first private, large-scale renewable power generation project in Georgia which will also have a cross-border dimension," Balvanera commented.

The completion of the hydro power plant marks a milestone for Georgia as it will significantly improve the country's energy supply and energy independence.

The plant will have a capacity of 85 MW and is located on the Paravani river in the Samstkhle Javakheti region near the border with Turkey. The project will play a key role in the country's non-carbon energy mix in the future.

The EBRD approved a $52 million loan to support the financing of the power plant. The International Finance Corporation contributed $40.5 million and another $23 million were raised from commercial banks. The power plant was built by Turkey's Anadolu Group. It is connected to the Georgian electricity system via a 220kV line to the Akhaltsikhe substation, which has also been financed by the EBRD.