Tata Power and Clean Energy Invest AS Norway (Clean Energy) and IFC Infra Ventures (IFC), completed financial closure for its 187 MW Adjaristsqali hydro project in Georgia. The project is being financed by IFC, ABD and EBRD. This landmark project will help Georgia to tap its hydropower potential.
IFC, along with ADB and EBRD, has arranged the largest-ever private hydropower investment in Georgia of $400 million through project financing. Adjaristsqali Georgia is a joint venture between India’s Tata Power and Norway's Clean Energy Invest (40 percent each), and IFC (20 percent), this project will help Georgia achieve energy self-sufficiency. The three lenders are providing a total of $250 million of long term project financing for the project.
Speaking on the development, Anil Sardana, CEO and Managing Director, Tata Power, said, “We would like to thank the Government of Georgia for their support in exploring Georgia’s huge hydropower potential. We are expanding our footprints globally and to achieve that we are scouting newer clean and green power projects in different geographies, in addition to investing in implementation of eco-friendly technologies to continuously reduce our carbon footprint and join the global initiatives to combat climate change”.