BAKU, Azerbaijan, November 20
By Tamilla Mammadova – Trend:
A joint venture between Hyundai Engineering & Construction, a major builder in South Korea, and its Turkish partner Limak, has won a $737 million contract to build a hydropower plant (HPP) in Georgia, Trend reports citing Korean media outlets.
Hyundai E&C and Limak received a notification of intention from Georgia JSC Nenskra Hydro on the award of the HPP project. Nenskra Hydro JSC was founded in 2015 as a joint venture between Korea Water Resources Corp. (K-Water), a state water resource development and management agency, and JSC Partnership Fund of Georgia.
The plant will be able to generate 1,219-gigawatt-hours, which is enough to provide power electricity to 60,000 people in a year. It is a turnkey project with Hyundai E&C and Limak in charge of engineering, procurement and construction.
After the HPP commissioning, K-Water will operate the plant and sell electricity to a Georgian state power company for 36 years before it transfers management to the Georgian government. According to the company, the main construction work is scheduled to begin in 2020.
Hyundai E&C is the largest construction company in the Republic of Korea, founded in 1947. As for the Turkish Limak company, it took part in the construction of the new Istanbul airport.
Nenskra HPP with a capacity of 280 megawatts should be built in Mestia Municipality, Svaneti. The total project cost exceeds $1 billion. Funding is planned from several international organizations including the European Bank for Reconstruction and Development (EBRD).
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