BAKU, Azerbaijan, Oct. 12
By Maryana Akhmedova – Trend:
The Bank of Georgia, together with the “Produce in Georgia” state program, allocated financial resources to the “Kaya” company for the installation of a solar panel power plant, Trend reports via Georgian media.
The investment volume of the project is 185,000 Georgian lari ($58,730), which was fully financed by the Bank of Georgia. After the installation of solar panels, the company will be able to generate about 150,000 kWh of power with a 110 kW power plant, which, due to increased electricity tariffs, will enable the company to save financial resources and use them for future product development.
The “Kaya” company operates in the Georgian heavy industry sector and produces metal construction and consumables. It has been operating since 2011. The metal materials in its production are widely used in both industrial and household applications.
"We continue to operate with the support of our loyal partner, the Bank of Georgia. In addition to the funding received from the bank, the company also received funding from “Produce in Georgia”. The total cost of the project is 245,000 Georgian lari ($77,777), of which only 7,000 Georgian lari ($2,222) are company spendings. This is an important support for us, which provides an opportunity for future expansion, acquiring new technologies, and creating more workplaces,” the director of the company, Ilia Bachanidze, said.
"We are glad to have the opportunity to contribute to the national cause, which is called encouraging and promoting Georgian heavy industry. It is gratifying that this is the third successful joint project of us and "Kaya", which was implemented together with the "Helios Energy" bank's partner company. We believe that if the bank supports such businesses, we will be able to build a successful economy together," Zurab Masurashvili, Head of Small and Medium Business at the Bank of Georgia, said.
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