The Government has presented a support scheme for energy projects. As Prime Minister Irakli Gharibashvili stated at the Government meeting, the new support scheme includes assistance for the construction of 1,500 megawatt power plants in the next three years by auction.
"As you know, especially the war that is going on in Ukraine has revealed another difficulty that states have: energy security and independence. Georgia, of course, has quite large resources, especially hydro resources, so this resource needs to be used as wisely as possible. This is our main priority and we will be working in this direction for the last few months. We have also had consultations with the International Monetary Fund, this scheme that we are presenting to you has been agreed and passed and will be given an official form in a few days.
As you know, in recent years the so-called guaranteed purchase scheme has been suspended, and memorandums have been issued for about 800 MW of hydropower plants, although some have started construction, but no contracts have been signed.
The second issue is that the fate of new projects was also unclear, investors in general needed more clarity, so the new scheme is as follows: from the state side, for 15 years after the power plant is put into operation, with the so-called CfD agreement on the price difference, the scheme involves the support of energy projects, which we will offer to investors. The new support scheme includes support for the construction of power plants with a total capacity of 1,500 megawatts over the next three years by auction. This does not include the 800 megawatts I mentioned and the big projects. In total, by promoting the construction of 1,500 MW capacity, we expect an investment of about USD 2.2 billion, to which will be added 800 MW projects and other large projects. With the reservation that all these projects will be implemented, we expect an investment of at least USD 3 billion in the energy sector," said the Prime Minister.
