News & Media

The Partnership Fund implements an unprecedented energy project

Posted on: 08 Oct 2013

Irakli Kovzanadze, Executive Director of the Partnership Fund (PF)and Halil Sarıbey, Business Development Director of Çalık Enerji, a Turkish giant energy company have signed additional agreement to construct Gardabani combined cycle thermal power plant equipped with the cutting edge technologies. Kakha Kaladze, Georgian Minister of Energy and Vice-Premier attended the signing ceremony. The PF’s new management has been working on this project for several months. Today, thanks to the effort of the PF and the government all the terms have been negotiated between the two sides which is a firm ground for successful implementation of the project. According to Mr. Kovzanadze, implementation of such a large-scale project is the first of its kind in the history of Georgia and this project is a step forward in creating new sources of energy generation. The total cost of the investment project exceeds $ 200m. It will be financed jointly by the Partnership Fund and its daughter company, Georgian Oil and Gas Corporation (GOGC). As a result, by the end of 2015, Georgia will receive additional installed capacity of 230 mw electricity which is urgent in terms of meeting increasing need for energy and bolstering our energy independence,” Kovzanadze noted. Thermal power plant, which will be equipped with the cutting edge General Electric turbines, will have a capacity to supply Georgia’s energy grid for 25-30 minutes keeping balance and sustainability of the system. It should be noted that due to its technological equipment Gardabani thermal power plant’s capacity is higher by one-third and it’s operation is cheap by 50% than other power plants operating on natural gas.Among the main activities of the Partnership Fund (in the fields of agriculture, manufacturing, energy and infrastructure), the most attractive one in terms of drawing FDI is the energy sector, and therefore it is the Fund’s key priority. For this reason, with the effort of the Partnership Fund, everything will be done to develop this unprecedented energy project. It is planned that Gardabani Thermal power plant will be put into operation by the winter of 2015.