The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Asian Development Bank (ADB) are partnering to aid Georgia in becoming self-sufficient in energy, the ADB reported Thursday.
According to the ADB, Georgia has potential to produce hydroelectric energy with adequate infrastructure, which funding from the three international financiers will allow via the construction of the Shuakhevi Hydropower Plant. As much as $250 Million is coming in the form of debt financing arranged by the IFC, consisting of $90 million from both the EBRD and the ABD.
IFC's contribution to this project amounts to $104 million, which includes $34 million of investment from Adjaristsqali Georgia, a joint venture between Tata Power and Clean Energy Invest from India and Norway, respectively.
“The project will promote regional cooperation and generate additional revenues for Georgia through energy trade," ADB Deputy Director General Michael Barrow said. "This groundbreaking renewable energy investment highlights the important role ADB plays in leveraging support for energy security and environmentally sustainable growth in the region.”