The Turkish company ENKA has won an international arbitration case concerning the termination of the Namakhvani hydropower plant construction project. The arbitration has ruled that Georgia must pay ENKA 383.2 million USD in compensation.
“On September 20, 2021, we issued a special situation statement announcing that our subsidiary, ENKA Renewables LLC, had terminated the contract for the Namakhvani Cascade HEPP Project in Georgia. The international arbitration process regarding the termination has now been completed. The decision confirms that our subsidiary rightfully terminated the contract, and the Georgian government has been ordered to pay approximately 383.2 million USD in compensation to our subsidiary, along with interest,” Turkish media reported.
ENKA has confirmed that once the compensation is received, the details will be shared with investors in a special situational statement.
On September 20, 2021, ENKA Renewables announced the contract for the Namakhvani Cascade HPP project was being terminated, following months of continuous protest by the local population and environmental activists. The Namakhvani HPP was being built in the Tskaltubo and Tsageri municipalities, north of Kutaisi, by a Turkish-Norwegian company, ENKA Renewables LLC.
