The European Bank for Reconstruction and Development (EBRD) has approved a $19.6 million loan to Georgia-based company Veli for the development of solar power plants. The EBRD Board approved the financing on September 9.
Veli Director Nino Mchedlishvili told BMG that negotiations on the loan agreement and its terms are currently underway and are expected to be completed in the first quarter of 2027. She said the company has completed the due diligence process and that the EBRD’s approval allows the parties to proceed with negotiations on the final financing terms.
The loan is intended to support a portfolio of 10 solar power plants with a combined capacity of approximately 53 MW. Five plants with a total capacity of 12 MW are already operational, while projects totaling 40.6 MW are under development. Mchedlishvili said the EBRD may ultimately finance the full 53 MW portfolio, although a final decision has not yet been made.
According to the EBRD, the financing will be provided to Veli-owned companies, including Kakheti Mze, Mzis Veli, Veli and Alaznis Mze. The project covers 52.8 MW of solar capacity, including the construction of 40.6 MW of new plants and the refinancing of bridge financing previously obtained from a local bank, which funded the already completed 12 MW plants. According to Georgia’s business registry, businessman Lasha Iordanishvili is also a co-owner of Veli alongside Mchedlishvili.
