A major project to renovate and modernise the Enguri Hydro Power Plant (HPP) will start at the end of 2015.
Details of the Enguri HPP renovation were revealed by Georgia’s Vice Prime Minister and Energy Minister Kakha Kaladze while he delivered a speech at an energy conference organised by TBC Bank today.
The Enguri HPP is a hydroelectric dam on the Enguri River in west Georgia. It is believed to be the world’s second highest concrete arch dam, reaching a height of 271.5 metres. The Enguri HPP is located in a challenging place – the dam is partially located in Georgia’s breakaway region Abkhazia.
Kaladze noted other HPPs in Georgia had been privatised and already belonged to private businesses. The only state-owned HPP in Georgia was Enguri HPP, he said.
While the HPP is being renovated, activities at the site will be put on hold. Kaladze did not say how long the HPP would be out of action while the renovations take place.
Ensuring Georgia enjoyed energy independence was one of the main focal points of the Energy Ministry. Kaladze said the Ministry had been “actively working” to attract foreign investments in Georgia, as energy independence was equal to the country’s independence.
“Many important projects have been implemented in the energy sector. We have made many useful changes to regulations, which are reflected in investments as well. I am glad that the local business community has become more active and has more interests in implementing different projects,” he said.
“The role of international financial institutions and local banks in the process of developing our country is very important. Accordingly, we have been cooperating with different foreign financial organisations as well as with local banks for this reason,” stated Kaladze.
The Minister said TBC Bank was one of the leading and most distinguished banks in Georgia, and it had financed ten important projects worth about 150 million GEL in recent years.
“I am sure that TBC Bank will keep financing many interesting projects in the future. I assure everyone that the Georgian Government will do everything it can to implement new projects. This should happen for Georgia’s energy independence,” said Kaladze.