Announcement of commencement of Gardabani Combined Cycle Power Plant (CCPP) construction
20 February, 2013
JSC Partnership Fund (PF) has commenced construction of Gardabani CCPP. The estimated project cost is 205 million US Dollar. JSC Georgian Oil and Gas Corporation (GOGC) will use its Eurobond proceeds for funding the project. GOGC has already loaned 50 million US Dollar to PF for the advance payment to the contractor of the project, Calik Enerji. It is envisaged that the loan will be fully converted into equity holding (of GOGC) in Gardabani CCPP.
The construction works are planned to be completed by the end of 2014. The Gardabani CCPP is expected to be fully operational from 2015. The capacity of the Gardabani CCPP is designed at 230 MW and annual generation is planned to equal 1 337 million kWh. As referred to the earlier announcement made on February 7, 2013 on putting on hold Namakhvani HPP, it is noteworthy that in case of the resumption of the Project, GOGC will not fund the Namakhvani HPP construction.
The construction works are planned to be completed by the end of 2014. The Gardabani CCPP is expected to be fully operational from 2015. The capacity of the Gardabani CCPP is designed at 230 MW and annual generation is planned to equal 1 337 million kWh. As referred to the earlier announcement made on February 7, 2013 on putting on hold Namakhvani HPP, it is noteworthy that in case of the resumption of the Project, GOGC will not fund the Namakhvani HPP construction.