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Georgian Railway Unit Plans Share Sale to Fund Hydropower Plant

Dec. 3 (Bloomberg) -- Georgian Railway Construction Ltd., a unit of Georgian Railway LLC, is considering selling shares in an initial public offering to raise funds for a $500 million hydropower plant, a company director said.

“The IPO is needed to attract investments and funding for the project, which won’t be just a seasonal producer of energy,” Archil Giorgadze, the director, said today in an interview in Tbilisi. The state-owned company is in talks with JPMorgan Chase & Co., HSBC Group Plc and UBS AG on a possible share sale and feasibility studies, he said.

The railway services provider plans to build a 400-megawatt plant on the Enguri River in the western Svaneti area, he said, adding that construction would start before 2012.

President Mikheil Saakashvili said on Nov. 8 that Georgia may receive as much as $5 billion of investments in hydropower projects over the next seven years.

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

To contact the editor responsible for this story: James Gomez in Prague at jagomez@bloomberg.net

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