MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

First Deputy Minister of Economy and Sustainable Development, Romeo Mikautadze participated in the event promoting the establishment of business connections in the energy sector, which was organized by the US Agency for International Development (USAID) under the Supporting Georgia’s Energy Future Program. Representatives of the public and private sector working in the energy sector, donors, investment companies as well as the financial sector attended the event.

First Deputy Minister thanked the USAID and the American people for supporting the energy sector of Georgia and said that the energy sector has always been one of the reliable areas of successful cooperation between the USA and Georgia.

“Georgia’s abundant renewable energy sources is a cornerstone of our country's security, economic and political progress. Moreover, green energies are means to achieve goals in terms of mitigating the impact of climate change. In this regards, development of new renewable energy projects has been promoted via various legislative changes. We are expecting completion of construction around 118 MW installed capacity hydropower plants by the end of 2023. That will increase the power generation of our country with more than 540 GWh annually,” – Mikautadze stated and added, that implementation of these projects means not only the improvement of energy parameters, but also millions of GEL foreign investment in the country and hundreds of temporary or permanent employed people.

Romeo Mikautadze stressed the first capacity auction that received great interest from the private sector, saying that so called CfD, gives the investor good argument for negotiations and cooperation with financial institutions and will help potential investors to raise financing.

Mikautadze specially emphasized the Black Sea Submarine Power Cable project, which aims to enhance regional connectivity and electricity exchange capacity between Caucasus and Europe, and, at the same time, promote investments in the field of Renewable energy.

The USAID Georgia’s Office of Economic Growth Director, Michelle Koscielski and the Chief of the USAID Securing Georgia’s Energy Future Program, Robert Taylor also welcomed the event participants.