Large, strategic hydropower projects in Georgia are expected to benefit from additional support instruments from the state. This was highlighted by Mariam Kvrivishvili, Georgia’s Minister of Economy from the ruling party “Georgian Dream,” during a meeting with energy sector representatives on December 30.
According to Giorgi Abramishvili, Chairman of GREDA’s Supervisory Board, the projects likely to receive support include Namakhvani, Nenskra, Khudoni HPPs, and the Enguri Pumped Storage Plant.
“During the meeting, it was noted that additional support instruments will be available for large projects that the country and state consider strategic. Specific details were limited, but it was mentioned that such support could involve different tariffs or other forms of state assistance in a memorandum to ensure investment in strategic projects,” Abramishvili said.
He also noted that the private sector is currently awaiting the government’s new, detailed plan, which will define future priorities for the energy sector and the rules of engagement. This issue was among those discussed at the recent meeting between the energy sector and the government’s economic team.
Additionally, the private energy sector expects the plan to clarify who will receive penalty reductions and on what basis. The Ministry of Economy is expected to present this plan by early February.
Minister Kvrivishvili informed energy sector representatives that following the cancellation of penalties, private companies will have the freedom to set new timelines for project development, based on the stage and scope of their projects.
In total, all companies involved in renewable energy projects will have accumulated state penalties waived, amounting to 1 billion GEL.
