Georgia CEI HPP

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The project consists of financing the 185 MW hydro power plant in Adjaritskali, southwest Georgia (the “Project”), co-developed by Clean Energy Invest (“CEI”) and IFC InfraVentures. The Project, called Shuakevi Scheme, is a part of a cascade of 3 run-of-river HPPs (Shuakhevi 185MW, Koromkheti 150MW, and Khertvisi 65MW) in the Adjiaristsqali region. The Project (or Shuakevi Scheme) is comprised of two dams with reservoirs and one weir on the Adjaristsqali, Skhalta and Chirukhistsqali Rivers respectively. The Project is expected to generate 483 GWh power per year, to export to Turkey through the cross-border transmission line in 9 months of the year, and to sell domestically in 3 consecutive winter months, when Georgia is energy deficient. The proposed investment is an A loan of up to US$70 million, a B loan of up to US$180 million and a straight equity of up to US$25 million. Total project size is expected to be US$356 million, where CEI (owned by Norsk Mineral), Tata Power and IFC will contribute with US$110 million equity (40%, 40% and 20%, respectively). The project company (Adjaristsqali Georgia LLC) will develop the Project. An Environmental and Social Impact Assessment was prepared by Mott MacDonald for Clean Energy Group covering the entire cascade of 3 HPPs. IFC is considering to invest in the first HPP (Shuakhevi 185 MW) of the three HPPs.