Adjar Energy, a subsidiary of the Turkish-based Exim Holding, will invest USD 460 million in partnership with the Georgian Government to construct five wind and one solar power plant in the country, the GD Government Administration said on Tuesday.
The announcement follows a meeting earlier today between Irakli Kobakhidze, the Prime Minister of the country, and executives from the company.
The project aims to achieve a total installed capacity of about 360 MW, contributing to a “strengthening of the domestic sector and enhancing the country’s position” in the competitive renewable energy market, the Administration said.
The body noted a company representative had emphasised a “considerable” investment potential in Georgia, underscoring “supportive” policies directed towards foreign investors by the Government.
The Administration said the investment was set to commence this year and would be implemented in phases.
Adjar Energy has completed two hydroelectric power projects in the country, with total investments exceeding USD 200 million.
