USAID today took another step ahead to promote prosperity and security for Georgia’s people through increased renewable energy production. In cooperation with the Ministry of Economy and Sustainable Development, USAID brought together renewable energy developers and investors, financial institutions, and large power consumers to discuss innovative strategies and approaches to attract financing for renewable energy projects.
USAID Mission Director John Pennell joined First Deputy Minister of Economy and Sustainable Development Romeo Mikautadze to host discussions with potential investors. “USAID is partnering with Georgia’s government, civil society, and private sector to expand renewable energy production. This USAID partnership will create a stable, affordable, and clean electricity supply that supports key industries, a growing middle-class lifestyle, job growth, and greater energy security. USAID prioritizes renewable energy in Georgia because more renewable energy production makes Georgia a stronger, more secure, and more prosperous partner in the South Caucasus,” said Mission Director Pennell.
Discussions with potential investors focused on current financing facilities for implementing renewable energy projects and institutional perspectives on major issues associated with renewable energy financing in Georgia. The participants learned about a wide range of innovative strategies and approaches to attract financing for renewable energy projects. The participants also were introduced to the widely used corporate power purchase agreement to secure financing for renewable energy projects. Participants also received detailed information about potential lenders for renewable energy projects and approaches developers can use to make renewable energy projects bankable and eligible for financing.
