US private-equity firm Cerberus Frontier will invest in the construction of a small hydroelectric power plant (HPP) in the western Georgian region of Guria, Economy Minister Natela Turnava said on Thursday
TBILISI (Pakistan Point News / Sputnik - 21st May, 2020) US private-equity firm Cerberus Frontier will invest in the construction of a small hydroelectric power plant (HPP) in the western Georgian region of Guria, Economy Minister Natela Turnava said on Thursday.
Cerberus Frontier will invest in the Bakhvi 1 HPP with a planned capacity of 12 megawatts. The construction is planned near the Chokhatauri town in Guria.
"The importance of the project is that it is not just Georgian production, local electricity, green energy and full-time jobs, but also that it will be carried out with American investment. The initiator is one of the largest US investment companies Cerberus Frontier, which implements a number of projects in the energy sector of Georgia," Turnava said during a government session.
The minister added that the Bakhvi 1 will be Cerberus Frontier's fifth project in Georgia, which proves that the country has an attractive investment environment.
According to the Economy Ministry, the cost of the project is estimated at $27 million and the construction will last for three years.
