Georgia to invest $400M in construction of hydroelectric power stations, wind farms

Five new hydroelectric power stations and three wind stations are planned to be built in the Samtskhe-Javakheti, Kakheti, Shida Kartli and Imereti regions of Georgia, Report informs, citing the Georgian Government.

Energy projects were initiated by the country's Ministry of Economy, their total installed capacity is more than 250 megawatts. The volume of investments exceeds $400 million.

Relevant agreements will be signed with investor companies, based on which the study of feasibility studies of projects, as well as construction work, will begin.

Development of the energy sector and ensuring energy independence is one of the important priorities of the Georgian government. The authorities have repeatedly stated the need to develop this sector against the backdrop of growing consumption.

The government plans to accelerate the development of the industry, which will attract investments of $3-4 billion in the next two to three years.

In this regard, a renewable energy support scheme has been developed, which includes promoting the construction of power plants with a total capacity of 1.5 thousand megawatts over the next three years through an auction.

The first auction was won by 27 companies that are implementing projects to build 15 hydroelectric power stations, two wind farms and 10 solar power plants.

Once all 27 power plants are commissioned, they will be able to generate 1.1407 billion kWh of energy annually.