The Georgian government has issued a license for constructing the cascade of Namakhvani hydro power plant, Georgian Energy Development Fund (GEDF) reported.
According to the statement, a term license was issued for the Namakhvani HPP Cascade project last week. Issuing the construction license has made the project more attractive and less risky for making investments in.
The project’s preliminary value makes up 730 million USD. The project will be implemented on the territory of the Tskaltubo and Tsageri municipalities, on the river Rioni.
The project fosters the development of the local infrastructure, growth in employment and Georgia’s energy independence and generation of additional 433 megawatt electricity that will fully remain in Georgia.
According to the agreement with the Georgian Energy Ministry, on December 24, 2015, the investor selection component was announced by JSC Georgian Energy Development Fund, which is the stakeholder in JSC Namakhvani, the project owner.
Interested bodies must submit applications until April 7, 2016. The project implementation model is based on the formula – Construction-Ownership-Operation.
Investors will be selected due to experience and financial resources that are required for the project implementation. The applicants that will offer the lowest service tariffs will be announced a winner. The winner investor will conclude a project implementation agreement with the Georgian Government. The agreement will oblige the investor to follow the agreement conditions, construct and manage the cascade of Namakhvaini Hpps.