Georgian Oil and Gas Corporation has confirmed that JSC Partnership Fund (PF) has started construction of the $205m Gardabani combined cycle power plant.
GOGC will use its eurobond proceeds for funding the project and has already loaned $50m to PF for the advance payment to the contractor of the project, Calik Enerji.
It is envisaged that the loan will be fully converted into an equity holding in Gardabani CCPP.
The construction works are planned to be completed by the end of 2014.
The Gardabani CCPP is expected to be fully operational from 2015.
The capacity of the Gardabani CCPP is designed at 230 MW and annual generation is planned to equal 1337 million kWh.
http://www.moneyam.com/action/news/showArticle?id=4541359
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