Today, based on Bidzina Ivanishvili's lawsuit, Giorgi Bachiashvili was presented with another charge. He complains that the construction of the "Mtkvari HPP" project has become "critically" expensive and Bachiashvili should be responsible for this. This refers to the "Mtkvari HPP" project, which the fund began developing in 2014 and alienated in an almost completed form in 2024.
According to initial estimates, the construction of the 54-megawatt Mtkvari HPP located in Samtskhe-Javakheti should have cost up to 140 million USD, but it increased by 100 million USD. Ivanishvili linked this increase in cost directly to Giorgi Bachiashvili's activities.
However, in early 2017, during the excavation of the main facility - a 9.6-kilometer tunnel collapsed, which caused the TBM apparatus to get stuck in the ground. As a result, the company faced significant financial losses, which simultaneously involved several issues - preparation of an alternative engineering project and agreement with the state, insurance and legal disputes, and the need to mobilize additional finances.
The tunnel boring machine got stuck at 7.3 km of the tunnel's projected length, consequently, 76% of the tunnel was already excavated at the time of the incident, which further complicated the preparation of alternative engineering solutions.
According to the documents of the Environmental Supervision Department, work resumed only on June 23, 2019. Additionally, within the framework of project modification, it became necessary to excavate a new 300-meter-long tunnel.
However, the remaining work was delayed and made more expensive by the subsequent COVID pandemic. Moreover, the "Co-Investment Fund" financed Mtkvari HPP through credit drawn from "TBC Bank" instead of direct financing from Bidzina Ivanishvili. Due to the project's timeline being pushed back, this also led to an increase in bank obligations. According to the "Mtkvari HPP" financial report, a dispute for compensation of damages began in 2019 due to the tunnel collapse. In October 2022, the court ordered the insurance company to pay USD 8.1 million.
"On November 4, 2019, the company filed a lawsuit in Tbilisi City Court against the insurance company to compensate for damages caused by difficult geological conditions in the tunnel. The company claimed compensation for material damages, Advanced Loss of Profit (ALOP), bank loan interest, and other directly related expenses. On October 20, 2022, the court ruled in favor of the company. According to this decision, the company will receive compensation of 8,138 thousand USD, of which 5,687 thousand USD was received in 2022. 2,451 thousand USD was recorded as other receivables as of December 31, 2022, and was received in January 2023," - stated the Mtkvari HPP financial report.
The tunnel construction was completed in February 2020, however, besides the tunnel, the project included the construction of an intake structure, passage, powerhouse, and other facilities.
The first statement about the "Mtkvari HPP" project was made in July 2023 by Bidzina Ivanishvili's lawyer Temo Tsikvadze. He stated that Giorgi Bachiashvili, who at that time had been charged regarding the Cartu Bank loan just days before, could face additional charges related to the cost increase of the Mtkvari HPP project. In July 2024, Bidzina Ivanishvili sold the HPP to the Georgian company "Hydroenergius."
