Whether Mtkvari HPP is set to be sold, when will the construction be completed?

The Georgian Co-Investment Fund is carrying out the construction of the Mtkvari HPP project in Akhaltsikhe Municipality that is set to be completed by  year-end.

According to the information available to "Commersant", active negotiations on the sale of Mtkvari HPP are already underway.

As we were informed by the Co-investment fund, negotiations with investors on various projects are ongoing, but the information whether there is an investor interested in the Mtkvari HPP or not is confidential and cannot be made public until the agreement is finalized.

"From the day of its establishment, based on the nature of the Georgian Co-investment Fund, the fund has the opportunity to retain the ownership interest in companies for a certain period of time or to alienate shares in the company using various mechanisms.

Negotiations with investors on various projects are underway, although the topic is confidential and we cannot make it public until an agreement is reached,” they say at the co-investment fund.

According to the fund, final work is currently underway at the Mtkvari HPP and is planned to be completed by the end of 2024. the project’s investments cost is $236 million.

„At the initiative of the Georgian Co-Investment Fund, the Mtkvari HPP project is under construction on the Mtkvari River in Akhaltsikhe municipality. Mtkvari HPP’s total designed capacity is 54.1 MW and its expected annual energy generation is 259.8 GWh. In February 2020, Georgian Co-Investment Fund’s project Mtkvari HPP has completed excavation of the longest and widest tunnel in Georgia that was excavated with Hard Rock Double Shield TBM, the length of the tunnel is 9.6km, while the diameter is 6 meters.  The project is planned to be completed by the end of 2024", the Fund states.

The In 2014, the co-investment fund bought the Mtkvari HPP project, the construction of which was stopped for years.  In 2009-2014, the Mtkvari HPP project was carried out by the joint-stock company Caucasus Energy and Infrastructure, from which the Co-Investment Fund acquired 100% of the station.