Posted: 1 year ago

Levan Davitashvili: Over 700 Million USD will be Invested in Energy Sector

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili delivered a welcoming speech at the Renewable Energy Investment Conference, emphasizing the issues related to the development of the energy sector of Georgia and the efficient utilization of various sources of renewable energy, including the importance of attracting investments in this area.

“This topic is well reflected in our strategic documents, including the vision of the government for 2030, where we consider how to effectively utilize various sources of renewable energy in the country in order to strengthen the country’s energy independence, energy security and promote the continuous development of the economy. Of course, such an international conference will help us to provide investors with more information about Georgia’s investment opportunities,” – Levan Davitashvili stated.

Davitashvili noted that the current year is particularly with active developments in the energy sector of Georgia with 68 memorandums signed, over 700 million USD to be invested the sector and about 1,6 billion KW to be generated due to the agreements achieved. Levan Davitashvili emphasizes: “It is important that these projects are implemented”.

“For this purpose, a consistent policy from the state, support of the sector and the reforms that are carried out within the framework of association with the European Union, energy union, I think make the investment environment in the field of energy predictable in Georgia and will contribute to the realization of already agreed as well as new projects,” – Vice Prime Minister noted.

Representatives of over 30 countries are participating in the ongoing international conference in Tbilisi. The event is organized by the Council of European Energy Regulators (CEER) project - EU4Energy and the Regional Association of Energy Regulators (ERRA) and its goal is to increase the interest of investors in the renewable energy sector, to attract new investments.