Negotiations Accomplished Between Ministry of Economy and Namakhvani HPP Investors

Negotiations between the Ministry and the Namakhvani HPP Investors, which was held at the Ministry of Economy and Sustainable Development, were successfully accomplished. The text of the Agreement is to be considered at the Government session, than it will be signed and the construction works will be launched consequently. 

“Namakhvani HPP construction is one of the largest project in the lates history, it is a great contribution to our country’s energy independence in terms of energy supply and energy security,” – the Deputy Minister of Economy and Sustainable Development, Natia Turnava stated following the meeting with the Namakhvani HPP investor companies.

“This was the final stage of negotiations on the agreement that shall be signed between the Ministry of Economy and Sustainable Development and the Namakhvani HPP investors. It is important to elaborate the contract in a way that the environmental requirements are fully and strictly met despite the project is so large scaled. It is also important that the investor has taken quite impressive social responsibility and this was our principle position,” – Natia Turnava said.

Natia Turnava noted that it is one of the largest projects in the recent history of Georgia and a greatest contribution to our country’s energy independence, energy supply and energy security.

The Namakhvani HPP Cascade is to be built in the regions of Imereti and Lechkhumi. The project will be implemented by the Turkish Company MK and the Norwegian Clean Energy Group Georgia. The cascade combines two hydro power plants with a total installed capacity of 433 MW. After completion of the project, electricity generation will be increased by 15% in Georgia. The construction works require the investment equal to 750 million USD.

The Namakhvani HPP Cascade will be an important project not only for Georgia’s energy security in terms of continuous energy supply and reliability, but also in terms of creating new jobs in the region, promote the small and medium businesses as well as facilitate the tourism development. It is important that the Namakhvani HPP project responds to the strictest ecological and social standards, which is the result of the principle position of the Government of Georgia and the investor’s constructive approach.

Ministry of Economy and Sustainable Development of Georgia. 2021 ©