Partnership Fund of Georgia began construction of combined cycle power plant in Gardabani, according to the Oil and Gas Corporation of Georgia.
The presumed value of the project is $ 204 million.
For construction of the plant, the corporation uses the funds obtained from the sale of Eurobonds. Partnership Fund will pay to the contractor of the project, the Calik Enerji company, an advance payment of $ 50 million, transferred by the Oil and Gas Corporation. The money will be fully converted into equity of the power plant constructed in Gardabani in the form of individual share of the corporation.
Completion of construction of the station is scheduled for late 2014, whereas the commissioning is expected for 2015. Plant capacity is 230 MW and annual output - 1 337 million kW/h.
As for the construction of the cascade of Namahvani HPP, which was temporarily suspended, in the event of restoration of the project, the Oil and Gas Corporation will no longer finance it.