Chkhori and Kinkisha hydropower plants

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In May 2007, the Ministry of Economic Development of Georgia held a privatization auction for two hydro-electric plants (HEPS) - ChkhorotskuHEPS and KinkishaHEPS. ChkhorotskuHEPS was located near Chkhorotsku village, Samegrelo - Zemo Svaneti. At the time of purchase, the company was in a difficult financial situation with high level of accounts payable and accounts receivable. The plant had two generators, 2.6 MW capacity each. KinkishaHEPS was located near Kvirike village, Kobuleti district, Achara Autonomous Republic. It had two turbines of 800 KW and 433 KW capacity. In 2007, the plant was standing idle. Bonaser Trading Limited, an offshore firm reportedly controlled by a Georgian businessman, acquired both ChkhorotskuHEPS and KinkishaHEPS. Georgian-Czech Company “Block-Georgia” competed with Bonaser Trading Limited at the auction for ChkhorotskuHEPS. Bonaser paid US$1.55 million for 73.9% of shares of ChkhorotskuHEPS and $305,000 for KinkishaHEPS. Under the terms of the auction, the winner had to pay the bid price of the privatized property within a month after the auction and had to invest funds into facilities within next 12 months after the purchase to restore the original capacity of the plants. In 2009, Energo-PRO acquired the two hydro power plants. Energo pro new sponsor http://www.energo-pro.com/?Template=PressReleases&Record=31&LanguageID=4