Partnership Fund Launches Construction Works for Nenskra HPP
The Partnership Fund, together with Korean K-Water, has launched construction works for a Nenskra Hydro Power Plant (HPP) in Svaneti, Georgia’s mountainous region. Before construction starts, Salini Impregilo, an Italian company is to begin preparation works.
The preparatory works envision rehabilitation of the road leading to the construction site as well as delivery of the construction vehicles. Construction works will be launched by company Salini Impregilo in 2016, however the construction permit will be issued by the end of October, 2015.
The ground-breaking foundation ceremony in Svaneti was attended by Irakli Gharibashvili, Prime Minister of Georgia, as well as Kakhi Kaladze, Vice-Premier and Energy Minister of Georgia, Government Officials, Ambassadors of Korean Republic and Italy, and top management from K-Water and Salini Impregilo.
According to Irakli Kovzanadze, Executive Director of the Partnership Fund, Nenskra HPP will be the largest HPP constructed since Georgia gained independence. He highlighted that that the success comes after a long and hard period of negotiations. “One of the most important issues about implementation of this USD 1 bln cost project is that after 35 years of operation, the HPP will be handed over to Georgia free of charge and without any terms,” Kovzanadze said.
Gyewoon Choi, President of K-Water, who came to Georgia specifically for the foundation ceremony, said that his company will do its best to make the project a success. “I expect that Korea and Georgia can develop the mutual relation of economic cooperation through completing the construction and operation of this project successfully,” he said.
The 280 MW Nenskra HPP project will be implemented by the Partnership Fund and K-Water on the river Enguri in upper Svaneti. The HPP’s potential capacity will be 1.2 b kwt/h. The plant is expected to begin producing electricity in 2019 while the project will be completed by 2021.
The European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and Korea Eximbank are also involved in this USD 1 billion project and will provide financing for it. The Fund’s advisor is International Financial Corporation (IFC).