JSC "Georgian State Electrosystem" finished 2020 with a net profit of 22.2 million GEL. Revenues from high voltage networks have made up 138.7 million GEL.
JSC "Georgian State Electrosystem" was owned by Partnership Fund until 2020, while the company along with the ESCO has moved under the management of the Ministry of Economy. Moreover, the “rehabilitation” of the company carried out from 2008 is also completed. The “rehabilitation” process meant the payment of a liability of 118 million GEL.
"Since 2008, the company has been operating in accordance with the approved rehabilitation plan to ensure uninterrupted supply of electricity. The amount of debt owed towards the creditors amounted to 118,359 million GEL. The rehabilitation period was set at 15 years, but the company was able to get out of the current regime in 2021 instead of 2023 and pay off the debt,” Georgian State Electrosystem notes.
Now, the company is implementing projects funded by international donors with a loan of € 446 million:
1) Open Program Extension Transmission Network Georgia (Phase 2) (EUR 135 million, KfW);
2) Energy Sector Open Program (EUR 100 million, KfW);
3) Transmission Network Strengthening Project (EUR 90 million, EBRD);
4) Transmission Network Strengthening Project ($ 59 million, World Bank)
5) Electricity Supply Reliability and Financial Recovery Project (€ 62 million, World Bank).
