The partnership was officially announced at a Memorandum on December 17th in Tbilisi, which was attended by the Minister of Energy, Kakha Kaladze.
The companies have set up the Joint Venture ‘Svaneti Hydro’ to implement a small hydro portfolio in Georgia - an important step towards developing Georgia’s significant hydro energy potential.The envisaged private equity fund of about US$100 million will be used to develop hydropower plants with an average capacity of 10 to 30 MW in Northwestern Georgia. 6-8 plants are planned in total, with a total investment of around US$300 million to US$350 million.RP Global’s CEO, Gerhard Matzinger, states:
"This partnership shows Georgia’s eagerness to advance its energy independence and attract international investors. Projects such as ours benefit the whole country, creating jobs and boosting the economy, while contributing to the efficient use of Georgia’s abundant resources and keeping the cost of energy for the Georgian market low."
Both sides bring their individual expertise to the table, with Galt & Taggart contributing experience in the Georgian market and funding hydropower projects, and RP Global contributing experience and technical expertise in the development of hydropower projects internationally.