Georgia, Tbilisi, July 10 / Trend, N. Kirtzkhalia /
The Georgian Energy Development Fund and "Bank of Georgia" signed a memorandum of cooperation today. According to the memorandum, the fund will construct seven hydroelectric power stations in different regions of Georgia.
According to the memorandum, the hydroelectric power stations' total capacity will reach 180 megawatts, while the total investment cost of the project is $ 300 million.
The memorandum was signed by Georgian Minister of Energy Kakha Kaladze and "Bank of Georgia" director general Irakli Gilauri.
According to the document, during the first stage, a feasibility study will be prepared with the Bank of Georgia as a co-financier. This includes a detailed hydrological and geological evaluation of the impact of the stations on the environment, as well as their economic and social efficiency. According to the document, the bank's share in financing the projects will hit 85 percent, while the Georgian Energy Development Fund - 15 percent.
According to Georgian Energy Minister, such cooperation is essential for Georgia to become self-sufficient in energy and export electricity in the near future.
Kaladze said that the project will create jobs.
