"Our main goal is to reach an agreement with Enka Renewables on Namakhvani HPP project without arbitration dispute. We held two meetings. Continuation of the project, as well as Enka’s withdrawal with their own terms are considered equally. In both cases, it must be a decision in favor of Georgian economy and our country. We are working on this together with the Ministry of Justice,” Natia Turnava said.
Two weeks ago, representatives of Georgian side and ENKA Renewables, investor company of Namakhvani project, held two meetings in Europe, - according to the Ministry of Economy and Sustainable Development of Georgia.
In September, ENKA Renewables LLC terminated agreement with the government of Georgia due to force majeure and breach of contract, as a result $800 million hydro power plant would not be built. It became known from the announcement published by the parent company of Enka Renewables - ENKA ŞNŞAAT on the Istanbul Stock Exchange.
Reportedly, now the investor company is preparing for an international arbitration dispute.
A few months before ENKA Renewables terminated the agreement, Prime Minister Irakli Gharibashvili stated that the project would not be implemented with the same conditions. In addition, as of the government's decision, ENKA stopped construction of the HPP due to the moratorium announced on it.
