Enguri HPP Climate Resilience Upgrade (EBRD-49649)

Countries
  • Georgia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Engurhesi Ltd
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 32.97 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 28,000,000.00
Converted using 2017-10-18 exchange rate.
Loan Amount (USD)
$ 32.97 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Grant Amount (USD)
$ 0.53 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported
Converted using 2017-10-18 exchange rate.
Project Cost (USD)
$ 41.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 35,000,000.00
Converted using 2017-10-18 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 15, 2018

Disclosed by Bank Oct 2, 2017


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Project Description

This project finances improvements to the Enguri Hydro Power Plant facility. This includes rehabilitating the Enguri headrace tunnel, penstock, and switchyard, Vardnili II spillway gates, and Enguri river diversion weir and access road.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

This investment extends an existing loan provided by the EBRD. The EBRD's total financing for all phases is USD $105 million, with the total project cost for all phases at USD $182.2 million.

 

Private Actors

Engurhesi Ltd is a state-owned special purpose company that owns and operates Enguri HPP.

Contact Information

No contact information available at time of writing.

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.