Six Georgian businessmen and offshore companies involved in the construction of the largest hydroelectric power plant in Georgia

Six Georgian businessmen and offshore companies have built the largest hydroelectric power station in Georgia
The Khobi-2 HPP, located on the Khobistskal River in the Chkhorotsku municipality, has been officially put into operation. The project, implemented by the Georgian Investing Group Energy, is quite large-scale, the installed capacity of the HPP is 44.5 megawatts, it generates electric energy of 200 million kWh. For the first stage, the investment volume in the HPP made more than GEL 250 million. By its parameters, the Khobi-2 HPP is among the top five hydroelectric power stations built in the history of independent Georgia.

The construction of the Khobi-2 HPP began in 2015. At the official opening ceremony of the HPP, the CEO of Feri LLC (which is one of the shareholders of the Georgian Investing Group Energy) Lasha Iordanisvili thanked Bank of Georgia and TBC Bank for supporting the project. In addition, he thanked the project partners: Zaza Nishnianidze, Ilia and Tengo Tsulaia, Uta Darchiashvili, Ioseb Mchedlishvili and Gocha Darchiashvili.

"This project, apart from bringing together very interesting businessmen from various fields, involved in the progect our two famous banks," Lasha Iordanishvili says.

According to the business registry, the Georgian Investing Group Energy unites businessmen from different business sectors who have decided to pour their money into the energy sector. Among the shareholders are not only several representatives of Georgian business, but also companies registered in offshore zones. In particular, the shareholders of the Georgian Investing Group Energy are:

Limited Liability Company EC Group LLC (100% owned by Tengiz Tsulaia) - 33.33%;

Dimitri Abesadze - 1.48%;

Feri LLC (Ioseb Mchedlishvili 96%, Kakhaber Shevardnadze 4%) - 16.67%;

Meydan LLC (100% owned by Zaza Nishnianidze) — 9.38%;

Paata Trapaidze - 7.16%

Caucasus Road Project LLC (100% owned by Paata Trapaidze) - 6.91%;

Alpfordio Services Ltd /Cyprus/ - 3.664%;

Arevaco Investments Limited, /Cyprus/ - 2.102%;

Mandalor Limited /Cyprus/ - 3.784%;

GD Energy LLC (whose owners are the three offshore registered companies mentioned above) - 15.52%.

According to the Ministry of Economy, the HPP contributes 2.5 million GEL annually to the local budget, several hundred people were employed in the construction, 50 local residents are currently employed. Apart from that, the company has already spent 408,000 GEL in various social and cultural projects.