Nenskra HPP project will be finished in 2027 instead of the previously announced 2020. The project is delayed due to the financial problems, as well as termination of contract with a sub-contractor, - show the data from the financial report of Nenskra HPP.
According to the document, management predicted to finish the project in 2020, but due to the termination of the EPC contract in 2018 and the Covid-19 pandemic in 2020, project completion has been postponed until 2025 and is likely to be further delayed by 2027.
As of the financial report, Nenskra Hydro has suffered a loss of GEL 35.9 million.
The total investment for the 280-megawatt hydropower plant is USD 1 billion, and it is expected to generate 1.2 billion kilowatt-hours of electricity upon completion. Under the Guaranteed Power Purchase Agreement (PPA) with the state, Georgia will purchase electricity at a pre-determined tariff (7.55 cents per kilowatt-hour).
The total assets of the company amount to GEL 434 million.
