Zahesi hydropower plant

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On 20 July 2007, the Georgian Economy Ministry had auctioned off its oldest hydropower plant, Zahesi HPP. The 42-MW HPP located on the Kura River near Georgia’s capital of Tbilisi was built in 1927 and its six turbines required major maintenance as the plant was, at the point of sale, standing idle. Boneser Trading, an offshore firm reportedly controlled by a Georgian business man, acquired Georgia’s Zahesi HPP. Boneser paid US$41 million for Zahesi HPP at the auction in July, 2007. Besides Boneser, Czech Energo-Pro, was bidding for the power station. EnergoPro was expected to win the auction: the company already bought six other HPPs and two electricity distribution companies in Georgia earlier in 2007. However, Boneser Trading, the little-known company, made the highest offer, nearly three times the starting price of the auction of US$15 million. Georgia wanted to privatize its power generating assets to improve power supply and put an end to its protracted energy crisis. In 2007, most of Georgia's power stations and distribution firms were controlled by Russia's former power monopoly RAO UES and the Czech Energo-pro. In 2009, Energo-Pro Acquired Zahesi HPP. Energo Pro becomes new sponsor http://www.energo-pro.com/?Template=PressReleases&Record=31&LanguageID=4