Georgia Says China to Construct $630 Million Hydropower Plant
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.
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