Package of Agreements for Development of the second block of Gardabani Combined Cycle Thermal Power Plant has been signed

29 September, 2016
Agreement for implementation of 230 MW Combined Cycle Thermal Power Plant in Gardabani was signed between the Government of Georgia, "Gardabani Thermal Power Plant-2" LLC, JSC "Georgian Oil and Gas Corporation" and JSC "Electricity System Commercial Operator" at the Ministry of Energy of Georgia on September 28, 2016.

In addition, Agreement on Engineering, Procurement, Construction of 230 MW Combined Cycle Thermal Power Plant in Gardabani was concluded between "Gardabani Thermal Power Plant-2" LLC and the Chinese company "China Tianchen Engineering Corporation (TCC)“.

The above project has the greatest strategic importance for sustainability and successful development of the Georgian energy system and the entire energy sector. As it is known, the guaranteed capacity of the power plants available in Georgia cannot satisfy the full volume of the winter period consumption. Besides, there is a stable increase of power consumption in the country. According to the strategic policy of the Georgian government and the development energy sector, construction of highly effective and cost-effective (vapor-air turbine) combined power plants is one of the top priorities.

China Tianchen Engineering Corporation (TCC) is one of the largest engineering-industrial corporations established in the city of Tianjin of East China in 1953. At this stage the annual income of the company exceeds one billion USD, while the international engineering projects cover more than 30 countries. It is noteworthy that TCC has successful experience in construction of large-scale energy projects of various purposes, including combined cycle power generation facilities in many countries of the world. The Chinese delegation was lead and the Agreement was signed by the Chairman of the Board of Directors of China Tianchen Engineering Corporation (TCC), Mr. Zhiyuan Wang.

Construction of the combined cycle thermal power plant will be fully funded by internal resources of JSC "Georgian Oil and Gas Corporation" and the funds borrowed from Chinese Banks.

JSC "Georgian Oil and Gas Corporation" is a state-owned energy company whose main activities include possession of oil and gas transportation infrastructure. The company is one of the players at the Georgian natural gas market, is actively involved power generation, oil and gas transportation and logistics and other significant energy projects. Assets of JSC "Georgian Oil and Gas Corporation" are managed by JSC "Partnership Fund". JSC "Georgian Oil and Gas Corporation" has been assigned international investment rating BB-.

Commissioning of the new energy-effective combined cycle power plant is planned in the winter season of 2020.