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Istanbul, Turkey, June 23, 2011
—IFC, a member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) are helping Georgia reduce its dependence on carbon-based electricity and increase its energy self-sufficiency by investing $115.5 million in the Paravani hydropower plant.
IFC and EBRD will provide Georgia Urban Energy, a subsidiary of Turkey’s Anadolu Endustri Holding, with $40.5 million and $52 million, respectively, syndicating a further $23 million with commercial banks. The 87-megawatt Parvani hydropower plant is the first investment and project financing by IFC and EBRD in the renewable energy sector in Georgia.
Hursit Zorlu, Chief Financial Officer of Anadolu Group, said that the Paravani project is expanding Anadolu’s renewable-energy generation capacity. “It will also benefit the Turkish electricity market to which Paravani hydropower plant will be able to export green energy,” he added.
Tuрban Aksoy, Head of the Energy Group, Anadolu Group, said, “IFC and EBRD are playing a key role in funding the Anadolu Group's sustainable energy investments in Georgia. We hope that this strategic support will pave the way for other investors in the country’s renewable energy market."
The project will provide Georgia with electricity during the winter months, when the country is energy deficient, and export to Turkey in the summer, when Georgia has excess capacity.
“One of IFC’s key priorities is to address climate change through investments in sustainable energy,” said Gulrez Hoda, IFC Director for Infrastructure and Natural Resources in Europe, Middle East and North Africa. “Paravani is a groundbreaking project that supports Georgia’s efforts to increase renewable energy output, avoid carbon emissions, and achieve energy self-sufficiency.”
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
About IFC and Renewables
Addressing climate-change mitigation is an IFC priority that is reflected in our achievements in renewable energy. In fiscal 2010, we increased our investments in renewable energy to 72 percent of commitments in the power sector, up from 28 percent in fiscal 2008. Since 2005, IFC has financed more than $2.3 billion in renewable energy projects.
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