On November 21, Schulze Global Investments signed final, binding agreements to invest in two hydropower projects owned by Silk Road Energy, the energy holding subsidiary of Silk Road Group in Georgia.
Under the agreements, Schulze Global will invest up to USD 15 million to be split between Bakhvi 3 HPP, an existing 9.8MW hydropower plant, and Machakhela HPP, a greenfield hydropower plant with up to 25MW installed capacity to be located on the Machakhela River in the Adjara region of Georgia.
Bakhvi 3, located on the Bakhvis Tskali River in the Guria region of Georgia has been fully operational since 2015 with annual power production of 41 GWh. The hydropower plant has been successfully delivering electricity to both the Georgian and Turkish markets. The investment into Bakhvi 3 will finance important capital upgrades and ensure the hydropower plant’s long-term sustainability.
The investment in Machakhela will initially fund the completion of conceptual design and relevant environmental studies. Thereafter, Schulze Global and Silk Road Energy together with lenders will finance the full construction and commissioning of the plant. The total cost of the project upon completion of all phases is estimated to be around USD 50 million.
Schulze Global is an American private investment firm focused on the world’s most dynamic frontier markets. Schulze Global manages several hundred million dollars of investments across various markets in Asia and Africa and works in partnership with some of the world’s most prestigious institutional investors. In Georgia is actively financing the development of small and medium-sized hydropower plants through its Caucasus Clean Energy Fund, a dedicated clean energy investment vehicle. http://schulzeglobal.com
Silk Road Energy is owned by Silk Road Group, a diversified company, headquartered in the Republic of Georgia. Founded in 1997, it has activities in a variety of industries, including transportation, logistics, real estate, hospitality, telecommunications and energy sector. It has been active for over two decades and has made up to 600 million USD investments into the economy of Georgia. http://silkroadgroup.net