Energo-Pro Finalizes Purchase of Energy Grids
The purchase of six hydro power plants and two electricity distribution companies by Czech company Energo Pro, has been finalized. The company paid USD 132 million, Economy Minister Giorgi Arveladze said on July 6.
?This huge project was finalized today,” the minister said. “Energo-Pro is a strong company which fully understands the commitments it has undertaken [under the deal].?
The purchace of the two distribution grids – United Energy Distribution Company (UDC) and the Energy Company of Adjara – makes Energo-Pro the leading electricity distributor in Georgia, with control of over 60% of the market.
The six hydro power plants will give the company a total power generation capacity of more than 350 megawatt hours.
Energo-Pro has committed to invest USD 85 million in the rehabilitation of the hydro power plants and USD 15 million in the distribution networks, Georgian officials say.
The company has also pledged to spend USD 100 million on the construction of a new hydro power plant, with a capacity of 100 megawatt hours.
?Negotiations will begin in a few months to select a site for this new hydro power plant,? Arveladze said.
The total investment package is worth USD 417 million, according to the minister.
At an official handover ceremony in Tbilisi, which was also attended by Ji?? Kru?inatop, a top Energo-Pro executive, Georgian Energy Minister Nika Gilauri said that Georgia had succeeded in becoming an energy self-reliant country in recent years.
?We have not imported even one kilowatt of electricity from our neighbors,” he said. “On the contrary, we were able to export electricity.?
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