Contracts with Electricity Production Capacity Auction Winner Companies to Be Signed Gradually
Upon the initiative of the Ministry of Economy and Sustainable Development, the Government of Georgia approved the feasibility study agreements to be signed with several companies that won the first auction of electricity production capacity. Among the projects presented at the Government’s session, on September 15 this year, there are 1 solar, 2 wind and 7 hydroelectric power plants, with the total installed capacity of over 165 MW, and the total investment amounting to 225 million USD.
The energy projects of other companies that won the capacity auction and the agreements to be concluded with them will be submitted to the Government of Georgia gradually.
Within the framework of the new scheme for supporting the production and use of energy from renewable sources, the first auction for the acquisition of 300 MW of capacity was held recording a very high interest from the private sector. In total, 78 applications were submitted with 943 MW of installed capacity. 27 winning companies were identified, which will implement the construction projects of 15 hydroelectric power plants, 2 wind power plants and 10 solar power plants.
The results of the auction confirm that the support scheme for the production and use of energy from renewable sources is being implemented very successfully, which will ultimately create opportunities for investment of over 2 billion USD in the energy sector.