2nd Oct 2018 11:47
LONDON (Alliance News) - Georgia Capital PLC on Tuesday said its water utility business, Georgia Global Utilities, has commissioned its 2.5 megawatt Bodorna hydro power plant near Tbilisi.
Contruction of the power plant began in November 2017 and has had a total project cost so far of GEL10.0 million, equivalent to approximately GBP3.0 million. It was financed through a long-term loan facility from the Dutch and German development banks.
The Bodorna hydro power plant has a ten-year fixed price purchase power agreement with the Georgian government, which guarantees a price of 6 US cents per kilowatt hour for eight months each year.
The plant its expected to generate 15 gigawatt hours per year.
"Our water utility business has commissioned - on time and within budget - yet another hydro power plant, continuing to successfully utilise its existing infrastructure and further diversifying its strong revenue stream," said Georgia Capital Chair and Chief Executive Irakli Gilauri.
"Bodorna hydro power plant is another renewable energy project developed by Georgia Global Utilities, which supports the overall development of the currently undersupplied energy market in Georgia," Gilauri added.
Shares in Georgia Capital were up 0.2% at 1,135.40 pence on Tuesday.
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Georgia Capital