NEWS

Hydropower in Georgia receives boost from EIB

07-01-2011

The European Investment Bank (EIB) has announced a €20 million loan to Georgia in order to complete the rehabilitation of the Enguri hydropower plant and to ensure safe water evacuation towards the Black Sea at the Vardnili hydropower cascade.

 
The project is fully in line with EU policy guidelines for EIB activities under the Eastern Mandate as it is designed to promote renewable energy generation, the operational safety of energy infrastructure and the reduction of greenhouse gas emissions from alternative fossil-fuel power generation. It will also encourage regional cooperation.
 
The EIB will co-finance the project alongside a €20 million loan from the European Bank for Reconstruction and Development (EBRD) and a grant of €5 million from the EU Neighbourhood Investment Facility, of which the sum of €4 million will be used for investments and €1 million for technical assistance.
 
This is the EIB’s second operation in the country’s energy sector. In March 2010, the bank signed a financing contract for the construction of high voltage transmission lines. Both these operations are cornerstones of Georgia’s energy sector strategy, which aims to turn the country into a net exporter of hydropower, i.e. a renewable energy, in the region.
 
The mission of the EIB, the European Union’s bank which is owned by the 27 EU Member States, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investment. In the Eastern Partner countries, EIB supports the EU Neighbourhood Policy by financing projects of significant interest to the EU. EIB started its operations in Georgia in October 2007. (ENPI Info Centre)
 
 Press release
 
 ENPI Info Centre – European Investment Bank highlights support on EU’s new eastern frontier (11-11-10) 
 
ENPI Info Centre - South Caucasus united by common electricity grid (04-11-10)
 
EIB – EU Eastern Neighbours
 
ENPI Info centre webpage - Eastern Partnership

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