Gardabani Combined Cycle Power Plant (CCPP) transaction announcement

08 October, 2013
We are pleased to announce that further to commencement of Gardabani CCPP construction, the Government of Georgia issued a decree on 23 September 2013 outlining and approving the key details of the transaction.

Ownership of Gardabani CCPP will be shared between JSC Partnership Fund (PF) and JSC Georgian Oil and Gas Corporation (GOGC). GOGC will have controlling interest with at least 51% shareholding.

The project cost has been re-estimated upwards and totalled 220 million US Dollars. The construction works schedule has also been reconsidered and Gardabani CCPP is planned to be put in operation in 2015.

Gardabani CCPP construction works will be fully funded by GOGC’s Eurobond proceeds.

Under this arrangement GOGC will provide long term debt finance of approx. USD 120 million whereas the remaining funding will be channelled through equity finance of approx. USD 100 million.