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EBRD Supports first Wind Farm in Georgia

EBRD Supports first Wind Farm in Georgia

The European Bank for Reconstruction and Development (EBRD) and the government of Georgia are inaugurated the first wind power plant in Georgia, the bank reported.

The EBRD has arranged a $22 million syndicated loan to the company Qartli Windfarm LLC for the development, construction and operation of the wind farm. The Bank itself is providing $10 million tranche (the A loan), and the remaining $12 million B loan has been syndicated to the Dutch impact investors OIKOCREDIT, Ecumenical Development Co-operative Society U.A; Triodos Groenfonds N.V.; and the Luxembourg-based Green for Growth Fund (GGF). Each has a $4 million portion.

The wind farm located in the Gori municipality in central Georgia will have a total installed capacity of 20.7 MW and an expected annual electricity output of 85 GWh. It will foster low carbon generation and cover Georgia’s seasonal demand during the winter, while one-third of the power is expected to be sold to Turkey on a commercial basis.

The EBRD has also facilitated technical assistance funds that will help the Georgian government to design and implement an electricity trading platform, along with a solar resource assessment and mapping. To date, the EBRD has invested over $3.45 billion in Georgia’s economy, and 37 percent of the bank’s existing portfolio is in energy.

Source: trend