The Georgian Energy Ministry signed on June 10 a contract with the Oslo-based Clean Energy Invest AS on development of hydro power plant project on Adjaristskali river in Adjara Autonomous Republic.
According to the Clean Energy Invest, the project involves construction of a four stage cascade with a total capacity of over 128 MW with an estimated investment cost of USD 314.3 million. The company plans to export most of the electricity to Turkey.
According to the company the International Finance Corporation is its joint development partner for the project, which will contribute about 20% of the development expenses.
The pre construction phase is estimated to take 15 months and the construction phase 2 years and 9 months, according to Clean Energy Invest.