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European Bank to Finance Enguri HPP Modernization Project

European Bank for Reconstruction and Development (EBRD) backs the project for modernization and rehabilitation of Enguri HPP.

The Bank has already allocated 28 million EUR sovereign loan to LLC Enguri HPP for the project implementation. This loan is to ensure safe operation of the facility, increase electricity generation and alleviate climate change effects, reduce CO2 emissions.

ENGURI HPP generates 40% of consumed electricity in the country and makes serious contribution to Georgia’s economic development and energy safety.

Besides the EBRD loan, the operating company will also receive 7 million EUR grant from EU Neighborhood Initiative Investment Fund and 450 000 EUR grant from Austrian DRIVE Fund for technical cooperation.

“After announcement of independence EBRD has been constantly assisting Georgia in Enguri HPP development to increase its efficiency so as Georgia and its neighboring countries have affordable and sustainable source of clean energy. We are happy we are able to support this huge power facility”, Mr Bruno Balvanera, regional director of EBRD in Caucasus, Moldova and Belarus, noted.