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HUNDERFOSSEN 20100705. Hunderfossen kraftstasjon i Gudbrandsdalslågen. Foto: Paul Kleiven / Scanpix

A Norwegian Energy Company is Investing Eight Billion in Georgia

The renewable energy company, Clean Energy, is making investments from Norway for the building of a hydroelectric power plant in Georgia, in the Caucasus region of Eurasia. The development may be the biggest ‘Norwegian’ plant abroad.

The company, which is based in Lysaker, won the bid last week, according to Dagens Næringsliv.

In partnership with Enka, a listed, Turkish industrial company, Clean Energy are to build a power plant with a projected annual production of 1.5 – 1.6 terawatt hours, and 436 megawatts of installed capacity.

The project has an investment budget of seven-eight billion kroner, and is planned for completion in five years.

‘This is the largest hydro-electric power plant project ever built with Norwegian interests outside of Norway, said CEO, Bjørn Brandtzæg.