The European Bank for Reconstruction and Development (EBRD) is teaming up with the Partnership Fund (PF) a Georgian state-owned shareholding company. EBRD will provide support for the Nenksra Hydro Power Plant (HPP) project earmarked for the upper Svaneti region. 

EBRD President Sir Suma Chakrabarti announced this at the EBRD 24th Annual Meeting in Tbilisi. EBRD is ready to take part in funding the Nenskra HPP, which will cost about $1 billion USD.

"The hydropower sector is one of our priorities. We have made the decision to fund the Nenskra HPP project,”- said Chakrabarti.

About $200 million USD is planned to be allocated for the Nenksra HPP project.

The plant will be constructed on the Nenskra River in Upper Svaneti, a mountain region of Georgia.

The HPP is expected to produce 1.2 billion kilowatts of electricity annually. The project is planned to be completed by 2019.

Source:commersant.ge