27.სექტემბერი .2021 01:08

End of Namakhvani Agreement

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ENKA Renewables LLC terminated an agreement with the government of Georgia, as a result a hydro power plant worth 800 million USD will not be built. This week the parent company of ENKA Renewables - ENKA ŞNŞAAT - posted an official statement on the Istanbul Stock Exchange. “Our company's 90% owned subsidiary, ENKA Renewables LLC has notified the State of Georgia to terminate the Build-Operate Agreement that had been signed with the Georgian State within the scope of the development, construction, ownership and operation of the Namakhvani Cascade HEPP Project in Georgia on April 25, 2019 for long-standing breaches of contract and force majeure”, - the statement read. On September 15, BMG reported, citing various sources, that the investor in the Namakhvani project, ENKA, was considering an arbitration dispute with the Georgian government.