Backing the first wind farm in Georgia
The EBRD is helping to introduce wind power to Georgia with a venture in the central municipality of Gori that will serve as a model for other projects in the renewables sector.
The wind power plant, the first in Georgia and the first commercial wind farm in the Caucasus region, will have a total installed capacity of 20.7 MW and an expected electricity output of 85 GWh per year. Around one-third of this will be exported to neighbouring Turkey while the rest will help Georgia to meet its winter energy needs without additional carbon emissions. The project encourages the diversification of renewable resources in the country, which relies heavily on hydropower generation.
The Bank extended a US$ 10 million (€9.6 million equivalent) loan and arranged an additional US$ 12 million (€11.5 million equivalent) in syndicated lending from three commercial co-investors to the state-owned firm Qartli Wind Farm under a project finance structure. This will fund the construction and operation of the power plant. The EBRD also facilitated technical assistance funds to help the Georgian government design and implement an electricity trading platform.