December 17 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) has approved lending USD 6.9 million (EUR 6.1m) for the construction of 13.7 MW of hydropower plants (HPPs) in Georgia.
In a press release on Friday, the EBRD said it will provide the financing as part of an up to USD-14-million long-term senior loan under the Risk Sharing Facility (RSF) with TBC Bank. The funds will be extended to special purpose vehicle Aquahydro Ltd, owned by Georgia-based Aqua Energy LLC.
The HPP project envisages the development and construction of three plants in Georgia’s Svaneti province, in the northwestern parts of the country. The facilities, named Nakra, Khelra and Ipari, will be built at a total cost of USD 19.6 million.
Construction Company Black Sea Group is expected to buy an up to 40% interest in the project, which is anticipated to save 13,000 tonnes of carbon dioxide (CO2) emission annually.
(USD 1.0 = EUR 0.883)