Bloomberg News

Georgia Says China to Construct $630 Million Hydropower Plant

April 17, 2012

China will start construction of the $630 million Neskra hydropower plant in Georgia this week, the former Soviet republic said as it seeks to cut dependence on fossil-fuel imports from neighboring Russia.

Georgian President Mikheil Saakashvili will attend the groundbreaking ceremony for the 210-megawatt plant, which will start generating in 2017, said Manana Manjgaladze, his spokeswoman.

Sinohydro Group Ltd. (601669) will build the plant, Nino Kikacheishvili, a spokeswoman for Georgia’s Energy Ministry, said by telephone from Tbilisi today. A call to the investor relations department at Sinohydro wasn’t answered after regular business hours.

Georgia expects to invest as much $2.5 billion in hydropower projects in the next few years, following 12 ventures planned for this year, Saakashvili said in a speech to parliament last week.

To contact the reporter on this story: Helena Bedwell in Tbilisi at hbedwell@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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