Economy
Posted: 1 month ago

ENKA Terminates Contract with Government of Georgia; Namakhvani HPP Project Suspended

ENKA Renewable company has terminated the contract with the Government of Georgia.

The Hydro Power Plant valued at $800 million will not be built in Georgia, the statement that ENKA İNŞAAT published on the Istanbul Stock Exchange reads, according to which, the agreement was terminated as a result of a violation of the contracted terms and conditions and force-majeure conditions.

“Holding a 90% stake in ENKA Renewable, ENKA İNŞAAT notifies the Government of Georgia on termination/cancellation of the April 25, 2019 agreement on construction-ownership-operation of the Namakhvani HP Cascade as a result of a violation of the contracted conditions and force-majeure situation”, the statement reads. As reported by various sources on September 15, ENKA plans to sue the Government of Georgia to the arbitration court.