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Giorgi Kobulia Signed Memorandum of Cooperation with JSC Nenksra Hydro

Giorgi Kobulia, the Minister of Economy and Sustainable Development signed a Memorandum of Cooperation with the JSC Nenskra Hydro. The signing ceremony was held within the frames of the visit of Hak Soo Lee, the Chief Executive Officer of Korea Water Resources Corporation (K-water), the Investor Company of the Nenskra Hydropower Plant Project. Sunyoung Kim, the Chief Executive Officer signed the Memorandum on behalf of the JSC Nenskra Hydro. Deputy Minister of Economy and Sustainable Development, Natia Turnava also attended the signing ceremony.

Following the signing ceremony and the meeting, the Minister of Economy and Sustainable Development George Kobulia positively assessed the activities of the Korean corporation in Georgia and highlighted several positive factors of cooperation. According to George Kobulia, the Nenskra HPP investor company has 60 employees at this point while in the process of active construction, their number will reach 1000 people. As the Minister noted, the K-water will train Georgian engineers in Korea and will also provide trainings for hundreds of locals that will be directly employed at the construction and will be able to get engaged in other similar projects after completing the construction works at Nenskra HPP.

“This project is important since it helps us to increase the technical competencies and qualifications of our workforce as well as the opportunities of their further employment. However, the Nenskra HPP, first of all, is the large hydro power plant that will provide additional electricity, which is so much needed in terms of increased power consumption,” – the Minister of Economy and Sustainable Development stated.

Hak Soo Lee, the Chief Executive Officer of Korea Water Resources Corporation (K-water) highlighted that “the K-water has been successfully implementing high-level projects in water resources management and hydropower industry for more than 50 years. Our company is represented by more than 60 projects in 24 countries, including the Nenskra Hydro Power Plant in Georgia.”

“We discussed the aspects of our current and future cooperation within the Nenskra HPP project at today’s meeting with the Minister of Economy and Sustainable Development. Our close cooperation with the Government of Georgia and the local self-government will continue to improve the well-being of the local population and the region. This project will be the most important guarantee of the success,” – Hak Soo Lee added.

The Nenskra Hydropower Plant Project is developed by JSC Nenskra Hydro, founded in 2015 as an outcome of cooperation between the K-Water, Korea Water Resource Corporation (investor), and the JSC Partnership Fund. The Nenskra HPP with 280 MW of installed capacity will annually provide Georgia with total energy generation of 1’200.00 GWh which will be fully consumed by the local energy market. Total investment amount to 1,3 billion USD.