The European Bank for Reconstruction and Development has announced it is to invest an additional US$5M to help Georgia Urban Energy LLC (GUE) complete construction of the 85MW Paravani hydroelectric project in south west Georgia.
The funds are part of a larger EBRD investment which included a US$63.5M loan signed in June with GUE, which is a subsidiary of Turkey’s Anadolu Group.
The Paravani plant will play a key role in the country’s non-carbon energy mix and strengthen security of energy supply in Georgia and Turkey. After completion, the plant will be connected to both Georgian and Turkish grids through a converter substation located in Akhaltsikhe, Georgia. The substation is part of the EBRD-funded Black Sea High Voltage Transmission Line project, which connects the Georgian and Turkish electricity networks.
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