DARIALI ENERGY JSC
Status: Approved investmentWhy disclosure?
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In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Dariali Energy JSC is a special purpose vehicle for constructing and operating Dariali HPP, a run-of-the-river hydroelectric power plant on the Tergi river in north-east Georgia. Installed capacity amounts to 108MW from three turbines. This project includes a dam (6 meters high and 36 meters wide), reservoir (0.25 square meters), sediment basin, powerhouse, headrace tunnel of 5.6km, and tailrace tunnel guiding water into Larsi, a completed 19MW HPP directly downstream. Dariali HPP will be connected to the national grid of Georgia through an existing 110kV transmission line running along the Tergi river next to the switchyard. Full Dariali HPP commissioning is expected in Q4 of 2015.
What is our funding objective?
As a B-loan participant in an EBRD facility of US$80 mln, FMO will provide a US$30 mln senior loan to Dariali.
Why do we fund this investment?
The long tenor of the DFI loan facility is not similarly available locally; this investment is therefore important for the construction of this project in Georgia. During construction, the project will provide employment to the area around the town of Stepantsminda. After its completion, Dariali HPP will help Georgia become less dependent on fossil fuels - a strategic goal of the country - and become a net exporter of energy. Dariali HPP will also offer energy for Georgian businesses and households at an attractive rate.
- Region
- Europe & Central Asia
- Country
- Georgia
- Sector
- Energy
- Effective date
- 8/12/2014
- Total FMO financing
- USD 30.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A