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Georgia Capital on track to launch second phase of Mestiachala hydro power plant

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Georgia Capital said its renewable energy business had commissioned the first phase of Mestiachala hydro power plant, while also remaining on track to launch the second phase in June this year.

The 50MW cascade of Mestiachala plant, located in Svaneti region, commenced in May 2017. The actual cost per megawatt amounts to $1.2m, with approximately 70% of the total project cost financed through debt facilities from local and international financial institutions, the company said.

Mestiachala HPP was expected to have total net annual generation of about 171 GWh.

‘I am very pleased to announce that our renewable energy business has successfully commissioned Mestiachala hydro power plant on time and within budget and starting from today the business will generate recurring revenue streams. I would like to thank and congratulate the management team on this significant milestone for the business, which is on track to achieve its targeted 500MW operating capacity in the medium term,’ Irakli Gilauri, Georgia Capital Chairman and CEO.

Source: Shares

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